Swvl Negotiates $100 Million from Asian Investment Funds

The founding partner of Swvl, Mohamed Kandil, told Al Mal News that the company is willing to expand into the Philippines in the first quarter of 2019. He added that the move is motivated by the similarities between the country’s capital, Manila, and Cairo. Moreover, he stated that the company aims to expand locally and cover more areas in Egypt outside of Cairo, to confront the competition of Careem and Uber’s bus services, head on. This growth will be backed largely by the outcome of Swvl’s ongoing negotiations with Asian investment funds over 50-100 million USD.