The two-year-old bus hailing firm which also operates in Alexandria and Nairobi in Kenya, secured the money from venture-capital firms such as Sweden’s Vostok, Dubai-based BECO Capital as well as China’s MSA and New York-based Catalyst.
Sunday 23, June 2019
(Bloomberg) --Swvl, an Egyptian app for booking buses, has raised $42 million as it looks to expand into other parts of Africa, including Nigeria.
Mostafa Kandil, the founder and Chief Executive Officer of Swvl, said, “The plan is to be in at least two or three more African cities by the end of the year, Lagos Nigeria, is most likely the next market.”
Swvl carries hundreds of thousands of customers each month, according to Kandil, an engineering graduate who once worked for Dubai-based Careem.
Uber and Careem have both launched bus services in Cairo in the past year, along with Swvl, they’re exploiting growing demand among the city’s 20 million people for transport options that are cheaper than taxis but more convenient than public buses, which are often perceived as unreliable and dangerous.