Egypt’s Swvl looking to increase market value to $15 bln: CEO

Doaa A.Moneim , Tuesday 10 Aug 2021

Kandil revealed that Swvl intends to purchase an enterprise in Europe that operates in the ride-sharing transportation sector

Swvl

Swvl, the Egyptian ride-sharing start-up listed on the Nasdaq stock exchange, is looking to increase its market value to $15 billion, up from $1.5 billion, according to CEO Mostafa Kandil.

Kandil made his statements during a meeting on Tuesday with Egyptian Prime Minister Mostafa Madbouly.

Kandil also said that Swvl plans to expand its investment activity in the Egyptian market, which has a vital transport sector that currently represents an imperative component of Egypt’s development efforts.

“Swvl has managed to be a pioneer in the public transportation sector by providing its services across 10 cities in six countries – Egypt, Saudi Arabia, Kenya, Pakistan, the UAE, and Jordan – within only four years,” said Kandil.

Kandil revealed that Swvl intends to purchase an enterprise in Europe that operates in the ride-sharing transportation sector.

“We welcome young Egyptians who have innovative ideas and we are willing to discuss and eliminate all the obstacles they face to pave the way for their business to succeed,” said the prime minister.

On 27 July, Swvl announced its plans to be listed on the Nasdaq stock exchange and to go public through a merger with special purpose acquisition company Queen’s Gambit Growth Capital, with a total value of $1.5 billion, making it the first start-up company in the Middle East to make such a move.

The company said that the listing funds will be tapped in its expansion and will fast track its strategy to expand across 20 countries by 2025.

The company is also looking to attain annual gross revenues of $1 billion.

Swvl is a start-up founded in 2017, headquartered in the UAE, by a group of Egyptian entrepreneurs including the CEO Kandil, Ahmed Sabbagh, and Mahmoud Nouh in 2017, with the aim of tapping into the global mass transmit market, which is valued at $1 trillion.

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