This archive report was first published on 30 August 2019.
On Thursday, SWVL co-founder and CEO, Mostafa Kandil, announced plans to inject Ksh 1.5 billion into the company's Kenyan operations during a press briefing in Nairobi.
This significant investment will not only enhance their current services but also enable the company to scale its business into other towns and routes.
SWVL initially launched in Kenya in February 2019 with four routes, but has since expanded to fifty-five routes over the last six months.
The company aims to add more routes to cover more areas in Nairobi and begin operations outside the capital city.
According to Shivachi Muleji, SWVL General Manager for Kenya, the investment will allow the company to fill a gap in the market by providing a convenient and affordable transportation solution for a larger customer base.
SWVL recently closed a $42 million Series B-2 funding round, increasing its valuation to $150 million and solidifying its position as one of the best-funded start-ups in the region.
