Egyptian transport start-up Swvl said to relocate HQ to Dubai
Cairo-based transportation start-up Swvl is reportedly moving its headquarters to Dubai.
Swvl’s co-founder and CEO Mostafa Kandil revealed in comments published by MENAbytes that the company already has a team in place in Dubai and is expected to move the HQ there by November.
He added that Cairo will continue to be an operations and engineering hub for the company, without giving a reason for the move to Dubai.
In June, Swvl, an Egyptian app for booking buses, raised $42 million as it looks to expand into other parts of Africa, including Nigeria.
The two-year-old company, which started in Cairo and also operates in Alexandria and Nairobi in Kenya, got the money from venture-capital firms including Sweden’s Vostok, Dubai-based BECO Capital, China’s MSA and Endeavor Catalyst, based in New York.
Founded in 2017, Swvl connects commuters with private buses, allowing them to reserve seats on these buses and pay the fare through company’s mobile app.
Swvl reportedly carries hundreds of thousands of customers each month and is in competition with Uber and Careem who have both launched bus services in Cairo in the past year.
Along with Swvl, they’re exploiting growing demand among the city’s 20 million people for transport options that are cheaper than taxis but more convenient than public buses, which are often perceived as unreliable and dangerous.