Swvl Raises Funds To Expand Into 3 Countries
Swvl raised an estimate of $640 million from investment companies and venture capital funds, the company’s Chief Financial Officer (CFO) Youssef Salem told Al Mal News. Salem noted that the company is planning to expand in three new countries over the coming six months, adding that the countries are the US, South Africa, and the […]
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Swvl raised an estimate of $640 million from investment companies and venture capital funds, the company’s Chief Financial Officer (CFO) Youssef Salem told Al Mal News.
Salem noted that the company is planning to expand in three new countries over the coming six months, adding that the countries are the US, South Africa, and the UK, along with some Latin American markets.
The ride-hailing company previously announced that it aims to expand in Chile, Peru, Colombia, Mexico, Argentina, and Brazil. This comes as part of the company’s strategy to boost its operations and attract new customers to its platform.
Moreover, Salem revealed that the US-based B. Riley Venture Capital has recently joined on board as a new investor in Swvl.
Founded in 2017, Swvl is an Egyptian on-demand bus-hailing company based in Dubai that offers intracity and intercity travel options, along with B2B partnerships with public and private institutions aimed to transport students as well as employees.
