Egyptian ride-sharing bus service, SWVL has announced plans to inject US$15 million cash into its Kenyan operations.
The cash injection will go into improving its current operations and expansion into other towns and routes.
SWVL Co-founder and CEO, Mostafa Kandil made the announcement when speaking at a press briefing in Nairobi. “Kenya is a market with a need for a stable solution for the perennial traffic snarl-ups and SWVL believes that we can be of great benefit to the local consumer and the transport sector as a whole,” said Kandil.
“We are very excited to provide a solution that makes the lives of Kenyans easier whilst proving beneficial to the Kenyan transport sector,” he added.
The startup also announced the addition of more routes outside the capital city from its current fifty-five.
“I believe the potential for growth and value creation is tremendous and given the different entities providing varied solutions, we are looking to fill a gap that has yet to be sufficiently covered by what is already available. That is what has prompted us to expand our route offering to match the convenience of ride-hailing services but at the same time matching the capacity provided by the traditional matatu industry for an even larger customer base than we have before”, said Shivachi Muleji, SWVL General Manager for Kenya.
In June, the Cairo-based transportation startup raised US$42 million from Sweden’s Vostok, Dubai-based BECO Capital, China’s MSA and Endeavor Catalyst, based in New York.
SWVL has also partnered with Kenyan hardware startup, BRCK to offer free Wi-Fi services on its Kenyan buses.