International Finance

Egyptian startup Swvl eyes global expansion after funding

The startup raised $42 million in fresh capital in a Series B-2 round

Cairo-based logistics startup Swvl is planning a global expansion. The startup will expand its operations into two cities in Pakistan in the following two weeks — and commence operations in Lagos before 2019 end. Swvl  is focused on global expansion following its Series B-2 funding that raised $42 million in fresh capital.

Swvl is a transportation startup currently headquartered in Dubai. 

Swvl  will launch its services in Rawalpindi and Islamabad, the company announced in a statement. Pakistan and Uganda are Swvl’s significant international markets, the media said. 

It operates buses via an app where customers can reserve seats and pay for the transport service. The startup will expand into Manila in the first half of next year — and is also considering  Dar es Salaam and Abidjan.

This year, the startup entered seven new cities — and is targeting up to 20 big cities next year. 

The startup expanded into Nigeria six months ago and operates 12 lines in Lagos through its mobile app.  It seems that the local community has embraced the app but faces competition from ride-hailing company Little.

Little launched its services in less than two weeks before Swvl established its presence in Nairobi.

It closed at a valuation of $100 million in November last year. It has raised close to $80 million to date. Swvl said it is one of the biggest funding rounds in the MENA. 

“We will also continue developing world-class technology that solves the daily struggle of commuting in emerging markets. This round is the biggest round of funding for a tech startup in Egypt and one of the biggest Series B rounds ever raised in the MENA region,” Co-founder and CEO Mostafa Kandil told the media.

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