Scaling back operations, chasing profitability over investor funding and divesting from acquisitions has resulted in the Middle East’s first unicorn finally turning profitable.
Egypt-born ride hailing app SWVL has survived a turbulent time during which the Nasdaq-listed startup faced the possibility of being delisted.
SWVL was valued at $1.5 billion when it went public in 2021 but saw its market cap tumble and stock price fall by approximately 99 percent - to about $5 million - within a few months.
Thanks to “ruthless” corrective measures including downsizing, the market cap now stands at $73.5 million. However, the stock price is still 95 percent below its peak.
8 окт 2024
