Cairo-based transportation startup Swvl has raised US$42 million as it looks to expand into other parts of Africa, including Nigeria.
The startup which offers an app-based mass transit system secured the funding from venture-capital firms including Sweden’s Vostok, Dubai-based BECO Capital, China’s MSA and Endeavor Catalyst, based in New York.
“The plan is to be in at least two or three more African cities by the end of the year,’’ Mostafa Kandil, the founder and chief executive officer, said. “Lagos, Nigeria, is most likely the next market.’’
The startup launched its bus sharing services in Nairobi early this year after raising more than US$30 million in 2018 at a valuation of approximately US$100 million.
Founded in 2018 by Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh, Swvl is presently available in 200 routes between Cairo, Alexandria and Nairobi.
To date, the app which is available for both Android and iOS users has registered over a million customers who frequently use their services.
Image Credits: Egyptian Streets