Swvl has done it yet again, folks! Over the past month, we’ve discussed some of the ride-sharing app’s strategic steps to globalise and enhance its services by participating in the Global Entrepreneurship Summit and partnering with Ford Motor Company. During this time, we discovered that, according to Egypt Independent, the company was valued at nearly 100 million USD in 2018, becoming the second Egyptian company after Fawry to achieve such significant figures. Just two days ago, MENAbytes shared the multi-million dollar startup’s latest action to launch 50 buses in Nigeria’s largest city, Lagos, by mid-July.
Our source states that Nigeria will be the third country for Swvl to launch its services in after Egypt and Kenya, with unconfirmed rumours about a possible fourth expansion in Uganda. But as they say, “Never stop dreaming, never stop believing, never give up, never stop trying, and never stop learning”. Following this methodology, Swvl aims to establish global branches in seven megacities in countries including the Philippines, Vietnam, and Thailand by the end of next year.
Technext.ng, the go-to site for news, reviews, and insightful analysis in the Nigerian tech space, published an article after the announcement was broadcasted, discussing Swvl’s chances of thriving in the Nigerian market. Apart from its tough economic status, Nigeria is known for its flooded roads that may impose supplementary costs for fixing the vehicles. Not to mention the dreadful traffic that can slow them down immensely. The startup will also be entering a Nigerian market that already has existing competitors offering similar services, such as Staffbus.ng, Zeno, and Shuttlers.ng. Technext.ng’s analysis ends on an optimistic note that with over 20 million residents in Lagos, the market is quite large, so it’s anyone’s game.
No matter the obstacles, we are sure that the startup’s perseverance will prevail. After all, the launch of Uber and Careem buses didn’t stop them from growing. As a matter of fact, Mostafa Kandil, Swvl’s CEO, mentioned earlier this year that they had been witnessing fourfold growth in signups since the launch of Uber Bus in Cairo.
In conclusion, it is Swvl’s ambition that played a major role in raising $38m across three rounds of financing in just two years. It is also why tens of thousands of bookings have been placed in Cairo, Alexandria, and Nairobi over the years. And it is that same ambition that will help them expand into whichever country they desire, regardless of its geographic location and challenges.
As a side note, Enterprise mentioned that the mass transit app listed the role of Country General Manager for Nigeria last week, calling for an experienced leader to continue the growth of Swvl in Lagos and other Nigerian cities. You can check the full job description via this link, and if you fit the criteria, this is your chance, so hurry up and apply!