From January to April of this year. Cabify has carried out around twenty layoffs in SpainVTC justifies these layoffs as a team restructuring. “The separations do not impact the company’s roadmap or strategic plan,” the entity acknowledged, marking another step on the company’s path: its debut on the trading floor.
Cabify’s IPO plans, which sources close to BME declined to comment on, were announced in January 2023, when it was noted that the mobility group had worked with Morgan Stanley as global coordinator for the future public sale (IPO). However, between November and April of this year, the company unexpectedly postponed the process, for now, in the short term.
Today, the mobility company founded by Juan de Antonio is in full swing. Rakuten Exit Processwho was the main shareholder of the technology company. In this path, Cabify raised $110 million, or about €101.6 million, with the participation of Orilla Asset Management (an investment company belonging to Francisco Reberas’ immediate family (Gestamp). and AXIS through Fond-ICO Next Tech, among other investors.
Last fall, it restructured its debt with the Inter-American Development Bank, to which it owes €60 million. Last year, it had to repay nearly half of that loan, along with €18 million in 2024 and the same amount in 2025. In January of this year, the mobility company raised €15 million in debt in a round led by BBVA’s startup investment arm, Spark.
reorganization of work
Specifically, the entire financial restructuring process was accompanied by a – Internal restructuring of the company in terms of its workforce..
According to these sources, this internal reorganization process began between October and November when Executive and middle management meetingsnamed All hands on deckThey started talking about it. ElPlanTM. This strategy means higher labor ratios in the company. This change in strategy, in November last year, coincides with the launch of Cabify, and the company, according to internal sources, is starting to focus on earnings before interest, taxes, depreciation and amortization.
However, in February of this year, the mobility company is organizing another event. All hands on deck Where it announces a change in employee wages, giving greater weight to the bonus than the fixed. “Up to three meetings had to be held to explain the bonus achievement targets, with a focus on EBITDA and GMV targets – Total value of goods“Which is calculated as the total amount of the total value of sales – and personal performance,” say sources close to the company who admit that from that moment on, workers began to leave the company of their own free will.
A month later, in two batches, one in mid-March and the other in mid-April, the layoffs are carried out. In total, according to sources I have seen, there were approximately 29 people left Cabify, A figure that, according to Spanish labor legislation, is just one dismissal away from having to activate the ERE. They point out that “among the people dismissed, there was everything, from people from the most stringent departments to senior engineers of level five (who had spent between four and six years in the company).”
“At Cabify we appreciate the work of all the professionals who were in the company, and we will try to do so Support and accompaniment of the affected So that they can find a new job opportunity as soon as possible.”
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This process also coincided with Hundreds of VTC licenses sold Which Cabify had previously won in court against the Government of the Community of Madrid.
However, the company highlights its employment figures with around 600 employees in Spain and 1,200 globally, “with a 22% growth in the workforce in the past year (2023). Cabify continues to search for talent. To be able to promote different areas of the company, as evidenced by the more than 40 vacancies it currently has.
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