Swvl, a Cairo-based bus sharing transportation startup is set to relocate its headquarters to Dubai, United Arab Emirates.
According to Swvl, they already have a team in place in Dubai who will oversee operations in the city. They are looking to fully relocate by November 2019. This move will not affect its operations in Cairo, currently its operations and engineering hub.
The company was founded in 2017 in a bid to connect commuters with private buses. It grants them the opportunity to reserve seats on the buses and to make payments via the company’s mobile app. Swvl buses operate on fixed routes and their prices are not subject to surge pricing.
See also: Egypt-based Startup Swvl valued at $157 million
The company which started in with the rollout of few buses, currently serve commuters across Alexandria, Nairobi, and Lahore. Swvl has plans to expand to Nigeria, South Africa, and Southeast Asia. It has been predicted that Swvl targets a $1 billion GMV (Gross Merchandise Value) by 2023.
Currently valued at $157 million, Swvl has secured over $80 million in transactions. It is tagged the best-funded Egyptian startup and one of the best-funded in the entire Middle East & North Africa. It is also among the valuable VC-backed company in the entire MENA region.
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