糖心视频

Mobility company , which recently went public, is reportedly planning on cutting nearly a third of its employees.

and reported that the company will lay off around 32 percent of its workforce. Swvl has more than 1,330 employees, per , so the layoffs could affect around 400 people.

The company, which is based in Dubai, began trading on the in late March after completing a SPAC merger with the blank-check company Queen鈥檚 Gambit Growth Capital. While it was still a private company, it raised more than $132 million from investors including and It last raised a $26 million round of funding led by in May 2020, per Crunchbase data.

It鈥檚 also acquired several companies in the past year and a half or so, most recently smart bus platform for $100 million last month, according to Crunchbase.

Layoffs overall

Swvl, which lets passengers book rides, isn鈥檛 alone when it comes to layoffs. Tech companies ranging from to to have all cut staff, while others like and have said they鈥檒l slow down hiring. Layoffs and hiring slowdowns follow a period of rapid growth for tech companies, many of which brought on bounds of new employees after raising funding in a record year for venture investment.聽

But after inflation, rising interest rates and geopolitical issues started affecting the public markets, tech companies in particular have taken a second look at their expenses and made cuts. With headcount often the biggest expense for companies, it tends to be one of the first places it looks to cut costs.

Here at Crunchbase News, we鈥檝e started keeping track of tech layoffs in our database. You can learn more about layoffs affecting the tech industry here.

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