Homegrown mass transport startup, Swvl, plans to invest $25 million towards its engineering team and marketing team in Egypt, CFO Youssef Salem told Hapi Journal.
The majority of the fund will go towards engineering as the famous ride-sharing technology company prepares to expand its scope in Egypt. To do this, it will increase the number of buses and as a result amass more reservations. It is launching a payment processing app for drivers which will allow drivers to pay for gas online and have the trips prepaid, thus securing their income. Additionally, Swvl plans to introduce new services for passengers.
The company announced that it will be spending up to $300 million to fuel its expansion on a global scale after its SPAC merger. Swvl plans to launch in four countries in Latin America and Southeast Asia including Brazil, Mexico, and Malaysia where they see a similar market for their services as in Egypt in the coming months.
Its Nasdaq debut is expected to take place no later than January 2022.
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.
