Due to the ongoing economic crisis in Pakistan, the mass transport startup Swvl has been forced to halt its intracity shuttle services in major cities across the country in a bid to turn cash flow positive by next year, it said in a statement.

The company is suspending intracity rides in Multan, Faisalabad, Islamabad, Lahore, and Karachi.

“Its city-to-city and business-to-business travel service are still available,"as per the statement.

Earlier Swvl CFO, while announcing the company's portfolio optimisation program to turn cash flow positive in 2023, had said that the company was laying off 32 percent of its staff in a bid to promote efficiency and reduce central costs in order to accelerate profitability and achieve positive cash flow by next year.

Swvl seeks to offer monetary, non-monetary, and job placement support to enable a seamless transition of its employees to new occupations.

Last month, Airlift another mass transit startup announced closing down operations in some cities in Pakistan as the capital downturn ravages startups.

“In light of the significant downturn in global capital markets, Airlift is undertaking a strategic realignment to reduce the surface area of operations and to increase focus in key areas that drive sustainability and profitability. As a part of efforts to reduce the surface area, Airlift is pulling out of certain markets, including Faisalabad, Gujranwala, Sialkot, Peshawar, Hyderabad, Johannesburg, Cape Town and Pretoria.” Airlift said in a statement.