Swvl, a global provider of transformative tech-enabled mass transit solutions, has expanded services to Belp, Switzerland in partnership with mybuxi which runs the operations in Switzerland by utilizing Swvl’s on-demand transit technology.
The service established 81 “digital stops” for consumers. The operations kicked off on August 20 this year and 100,000 trips have been conducted ever since.
The mass transit solutions provider also announced that operations in 5 of its 10 top countries by revenue, namely Egypt, Turkey, Germany, Kenya, and Jordan, turned “Adjusted EBITDA positive” and broke even in August 2022.
“With 58% of our portfolio turning Adjusted EBITDA neutral or positive, we believe that we are on track to turn cashflow positive in 2023. The countries achieving Adjusted EBITDA profitability include 3 of our organic markets and 2 markets we entered as a result of our recent acquisitions. We believe that the profitability of both the direct to consumer and enterprise segments in these countries demonstrates our ability to continue to grow, enhance margins and realize synergies across Swvl’s full organic and inorganic portfolio,” Youssef Salem, CFO of Swvl, said.
Swvl currently serves 115 cities in 18 countries including Latin America, Europe, Africa, and Asia.
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