This archive report was first published on 29 August 2019.
On August 29, 2019, SWVL, a Cairo-based transportation start-up, announced a significant investment in its Kenyan operations. The company is pumping KES 1.5 billion into its Kenyan outfit to scale its local operations.
This investment comes weeks after SWVL closed a $42 million Series B-2 funding round led by BECO Capital and Sweden's Vostok New Ventures. The funding increased the startup's valuation to $150 million, making it one of the best-funded and highest-valued startups in the region.
Co-founded by Mostafa Kandil, Ahmed Sabbah, and Mahoud Nouh, SWVL launched in 2017. The service allows riders to hail buses operating on fixed routes and timings from their mobile phones. Currently, the service is available in Egypt, Kenya, and Pakistan.
SWVL has been in a pilot phase since its launch and has recently announced a partnership with BRCK for WiFi in the buses. The company also plans to launch a dynamic pricing system to increase user adoption.
Speaking at a press briefing in Nairobi, SWVL co-founder and CEO, Mostafa Kandil, said,
