Cairo – Mubasher: Swvl, the Egyptian bus booking app, has raised $42 million worth of funding to expand its operations into other parts of Africa, including Nigeria, Bloomberg reported.
Started its business in Cairo back in 2017, Swvl received the financing from venture-capital firms such as Sweden’s Vostok, Dubai-based BECO Capital, China’s MSA, and the New York-based Endeavor Catalyst.
Also operating in Alexandria and Nairobi in Kenya, Swvl carries hundreds of thousands of customers on a monthly basis, Bloomberg cited Mostafa Kandil, the founder and CEO of Swvl.
“The plan is to be in at least two or three more African cities by the end of the year,’’ Kandil, an engineering graduate who once worked for Careem which is being acquired by Uber, told Bloomberg over phone from Cairo.
He stated: “Lagos, Nigeria, is most likely the next market.’’
Kandil added: “We tap into the middle class and upper middle class, a segment that public buses in emerging markets don’t really serve.’’
