Swvl’s value increases to $157 million in its series B-2 round
Swvl is an on-demand service where people can book a seat on private shuttles with just a click on the app on their phones.
The app suggests the most convenient route and connects you to the bus driver.
On the app, you can also track your ride, see the bus details, and contact the driver.
The service is popular in Cairo, but also available in Alexandria, the capital of Kenya Nairobi, and now Lahore, Pakistan.
The founders plan to expand their service to southeast Asia.
Moustafa Kandil, one of the founders, said, The company is targeting seven “mega cities” in emerging markets by the end of 2019.
“We are seeing ourselves as more of an emerging market play and hence we want to expand beyond the Middle East,” he also added.
The start-up founded in 2017 went viral because of people’s demand for practical, air-conditioned, safe rides.
Following Swvl’s lead, Uber and Careem also launched a similar service.
However, their busses are not as popular or as available as Swvl’s.
According to MENAbytes: The Cairo based start-up announced in June that Swvl raised $42 million in the largest-ever funding round for an Egyptian startup.
The company’s value increased since last year’s closing in Series B-1 with around $100 million.
Less than two months later, after raising $42 million in June 2019, the company is today valued at $157 million.
Swvl’s achievements so far put it in the same place and value as Careem, which was founded in 2012 in Dubai, United Arab Emirates.
According to Vostok New Ventures Ltd. Financial Report; “In June 2019, Vostok New Ventures invested USD 16 mln in SWVL, a Cairo-based, emerging markets focused intra-city bus operator.”
Vostok also spoke about Kandil, the aforementioned CEO of Swvl, who also previously worked at Careem who invested $500,000 in Swvl before:
“The entrepreneur here is of very high quality.
Previously at Rocket and Careem, Mostafa Kandil has built a team that executes well and at high speed.
In fact, I believe that Mostafa may be the first Arab tech entrepreneur that builds a global product.
All the other successes coming out of the Arab world have been either built by foreigners and/or have been solely focused on the local region.”