Ness Ziona, June 17: Moovit, an Israel-based mobility as a service provider and journey planner app, has announced to lay off employees across all departments to focus on the company's core business and profitability. The latest announcement about Moovit layoffs will reportedly affect 10%, , about 20-25 employees from its workforce of 225. After being sold to Intel in 2020, this will be Moovit's first job cut round and one of the biggest. 

Global - Israel Business News cited that the Moovit layoffs announcement came after the journey planning platform had changes in the top management. It mentioned that the veteran co-founder and CEO Nir Erez became the president of Moovit three months ago and was replaced as CEO by Nir Bezalel. Moovit's latest workforce reduction decision would make the necessary adjustment in favour of concentrating the company's core business and also boost the transition to profitability. Paytm Layoffs: Employees of Fintech Major Complain About Forced Voluntary Resignations and Informal Processes, Says Report.

Moovit reportedly said it will do everything in its power to support the employees affected by the layoffs. Beyond the Moovit layoffs, the company reaffirmed that it would continue to invest in expanding the "portfolio of solutions for private and business users in mobility and other areas to realize its business strategy."

Moovit was founded in 2012 as an application to help people plan their public transport journeys. It is said to have combined different means of transport, including buses, trains, scooters, light rail systems, etc. Moovit confirmed that it served more than a billion passengers every day in over 100 countries last year. This announcement was made when Moovit CEO Nir Erez stepped down. The company reportedly said that it reached its peak in terms of revenue and the number of users worldwide. ByteDance Layoffs: TikTok Parent Company To Lay Off Its Employees in Indonesia; Check Details.

The report said that the latest round of Moovit layoffs would help the company achieve its target. Moovit was sold for $1 billion to Intel in 2020 and this latest layoff round would be the first in four years. 

(The above story first appeared on LatestLY on Jun 17, 2024 09:44 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).