Cairo – Mubasher: The Cairo-based ride-sharing app Swvl is looking to expand in Southeast Asia next year after securing a funding round.
The Egyptian start-up has raised tens of millions of dollars from new and existing investors in Series B funding round, the company’s co-founder and CEO told Reuters.
Accordingly, the company’s value is now nearing $100 million, Mostafa Kandil added.
Swvl is planning to launch its services in Manila in the first quarter of 2019 followed by other cities in the Philippines, Vietnam, and Thailand, Kandil highlighted.
The company is aiming to operate in seven mega cities in the emerging markets by the end of the next year, he noted.
Swvl revealed it will use part of the Series B funding to open a research and development facility in Berlin.
