From January to April this year. Cabify has implemented around twenty layoffs in Spain. VTC justifies these layoffs as a restructuring of the team. The entity admits that “the separations do not impact the company’s roadmap or strategic plan,” in another step on the path set by the company: debut on the trading floor.
Plans to go public with Cabify, on which sources close to BME declined to comment, were announced in January 2023, when it was noted that the mobility group had worked with Morgan Stanley as global coordinator for a future public sale (.IPO). However, between November and April of this year, the company postponed an unexpected, for the time being, short-term operation.
Today, the mobility company founded by Juan de Antonio is operating in full swing. Rakuten exit processWho was the majority shareholder in the technology company. In this path, Cabify has raised funding worth $110 million, i.e. approximately 101.6 million euros, with the participation of Orilla Asset Management (an investment company belonging to the immediate family of Francisco Riberas (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 almost half of this loan, along with 18 million euros in 2024 and the same amount in 2025. In January this year, the mobility company raised 15 million euros in debt through a round led by the startup BBVA. The investment arm is called Spark.
Reorganization of work
Specifically, the entire financial reorganization 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, in Meetings of executive and middle positions in the companynamed All handsThey started talking about it BalanTM. This strategy means higher work rates in the company. This change in strategy coincides, in November last year, with the launch of the Cabify Foundation, and the company, according to internal sources, begins to focus on EBITDA.
However, in February this year, the mobility company is organizing another event All hands It announces a change in workers’ wages, giving greater weight to the reward compared to the fixed one. “Up to three meetings had to be held to explain the objectives of achieving the bonus, focusing on the objectives of achieving EBITDA and GMV – The total value of the 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, workers began to leave the company of their own volition.
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 the sources I reviewed, there were approximately 29 people left Cabify, A number that, according to Spanish labor legislation, is only one chapter away from having to activate the ERE. “Among the people who were fired was everything from people from tougher departments to Level 5 senior engineers (who had spent between four and six years at the company),” they point out.
“At Cabify we value the work of all the professionals who have been in the company, and we will try to do the same Support and accompany those affected So that they can find a new job opportunity as quickly as possible.”
This process also coincided with Hundreds of VTC licenses sold Which Cabify had previously won in court against the Community of Madrid government.
However, the company highlights its employment figures by having around 600 employees in Spain and 1,200 globally, “with a 22% growth in the workforce in the last 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.
(tags for translation)Capify
