PHOTO
ArabFinance: Swvl Inc. raised an estimate of $640 million from investment companies and venture capital funds to date, the company’s Chief Financial Officer (CFO) Youssef Salem told Al Mal News.
The company is planning to expand in new three countries over the coming six months, Salem noted, 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.
It is worth noting that Swvl’s shareholding structure includes a number of major entities, such as the European Bank for Reconstruction and Development (EBRD), the US’ Teklas Ventures, Kuwait-based Agility Public Warehousing Company, Luxor Capital Group, and Zain Group.
On March 31st, Swvl had made its debut on the New York-based Nasdaq Stock Market, becoming the second tech company in the Middle East to be listed on Nasdaq after the Abu Dhabi-based music streaming platform Anghami.
Swvl’s CFO previously revealed that the company was getting ready to list 35% of its shares on the Nasdaq Stock Market after merging with Queen's Gambit.
In July 2021, Swvl announced it signed the final deal to merge with Queen’s Gambit Growth Capital in a deal estimated at a value of $1.5 billion.
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.
