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Swvl Inc, a Dubai-based ride-hailing service originally founded in Egypt, is considering listing on the Egyptian Exchange in 2022 or 2023. The Chief Financial Officer of Swvl, Youssef Salem told Reuters that the startup expects to declare its first profit in 2024 as it continues expansion into new countries. He said, “Swvl will turn profitable in 2024 after investments and operating costs of about $13million. We then aim to earn more than $170 million in 2025.”
The global tech startup had raised a total of $174.5M in funding over 7 rounds. Swvl also recently announced an agreement with Queen’s Gambit Growth Capital(the first women-led special purpose acquisition vehicle) for listing on NASDAQ. The completion of the merger would make Swvl achieve unicorn status and reach a value of $1.5 billion. This would make Swvl the first unicorn from MENA to be listed on NASDAQ and the second Egyptian start-up to go public. Luxor Capital Group, Agility and Zain are also going to be participating in the SPAC merger. The raised funds will be used for further expansion and acceleration to 20 countries by 2025.

Co-founder and CEO of Swvl, Mostafa Kandil had commented on Tuesday in a meeting with the Egyptian Prime Minister, Mostafa Madbouly that the company hopes to raise its’ value to $15 billion. He also revealed that the company intends to buy a ride-sharing enterprise in Europe.
Swvl is a tech-driven, affordable, and convenient transportation service, committed to enabling cities, people, and businesses to move everywhere. The Company has built a parallel mass transit system offering intercity, intracity, B2B and B2G transportation in 10 megacities across Africa, Asia, and the Middle East. Swvl’s tech-enabled offerings make mobility safer, more efficient and environmentally friendly, while still ensuring that it is accessible and affordable for everyone. Customers can book their rides on an easy-to-use app with varied payment options and access high-quality private buses and vans that operate according to fixed routes, stations, times, and prices.
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