Egyptian Transport Start-Up Swvl Targets Expansion In Africa, Asia

www.oann.com | 9/12/2019 | Staff
PaMe (Posted by) Level 3
CAIRO (Reuters) – Egyptian transport technology start-up Swvl will expand into two cities in Pakistan in the next two weeks and begin operations in Nigeria’s commercial capital Lagos before the end of the year, its chief executive told Reuters.

The firm, which operates buses along fixed routes and allows customers to reserve and pay for them using an app, will also expand into Manila in the first half of next year, its co-founder and CEO Mostafa Kandil told Reuters.

Lagos - End - Year - Eyes - Dar

“We will enter Lagos before the end of the year, and our eyes are on Dar es Salaam and Abidjan,” he said. The firm is also planning to launch in other South East Asian markets, he added.

Kandil said the company is seeking to raise more than $100 million in a financing round in the first half of next year, and is targeting a $1 billion valuation in the next five years.

Launch - April - Swvl - Round - Funding

Since its launch in April 2017 Swvl has secured the biggest round of funding for a tech start-up in Egypt.

“We were a company worth about $2 million two years ago and our paid-up capital is now $80 million,” he said.

Kandil - Swvl

Kandil said he hoped Swvl would eventually go public, but did not say on which...
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