Swvl, an Egypt-based on-demand bus transportation startup recently secured a 42 million Series B-2 round, which has left the company’s valuation at $157 million. This valuation makes the company one of the most valuable startups that are backed by VC’s in MENA.
Founded in 2017, Swvl is an on-demand transportation startup that connects travelers with private buses. After which it grants the opportunity to reserve seats on these buses and then pay the fare it’s a mobile app.
Swvl’s valuation was revealed in Vostok New Ventures, financial report. The report revealed that Vostok invested $16 million in Swvl’s Series B-2, in an exchange of a 10.2 percent stake in the company. Thereby valuing the company at $156.86 million.
The startup raised about tens of millions of dollars in its Series B-1 in November 2018, which left its valuation at $100 million. This indicates the company’s 60% growth with 7 months.
See also: Sub-Saharan Africa’s Mobile Economy valued at $150 Billion, to Generate $185 Billion by 2023
Vostok New Ventures reports read; “Swvl offers a premium on-demand bus service with third party suppliers. The algorithm plans the most efficient routes and the most efficient bus stops for peak hours, and more flexibility is possible during off-peak hours. Network effects arise through the snowball of the more users that are attracted to the service, the more bus owners will want to offer their supply, the more bus supply the more routes, etc., the more customers, etc.”
Swvl recently expanded to Pakistan and Kenya earlier in 2019 year, intending to make $1 billion GMV (Gross Merchandise Value) by 2023. The startup also plans to expand to Karachi, Lagos, and Johannesburg.
More on TechGist Africa:
- Meet the Four Students Who Won 2019’s African Regional Technovation Contest
- Seedstars Calls for DOEN Land Restoration Prize Submission
- Clean Technology Fund (CTF) Invests $20 Million in AfDB’s Energy Inclusion
- China’s Transsion, Kenya’s Wapi Capital to Launch $100K Fund for African Fintech Startups
- Hello Tomorrow Global Challenge Calls for Submission
Comments 1