Swvl considers listing on Egyptian Exchange in 2022

Swvl considers listing on Egyptian Exchange in 2022

UAE-based Swvl, initially founded in Egypt, is studying a possible listing on the Egyptian Exchange in 2022 or 2023.

Last month, Swvl announced a SPAC deal with US-based Queen's Gambit Growth Capital that will allow the company to list on the US NASDAQ.

The mobility startup told Reuters it expects to become profitable by 2024 as it expands into new countries.

Founded in 2017 by Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh, Swvl enables users to book rides on buses at a fixed rate. It now operates in 10 cities in seven countries and plans to expand to 30 cities in 20 countries, including southern and western Europe, Brazil, Mexico, the Philippines, Malaysia and Indonesia by 2025.

"Swvl will turn profitable in 2024 after investments and operating costs of about $13 million. We then aim to earn more than $170 million in 2025," said chief financial officer Youssef Salem.

Source: Reuters

Transport start-up Swvl, based in Dubai and Cairo, expects to turn its first profit in 2024 as it expands into new countries, its chief financial officer Youssef Salem said on Thursday.

Swvl last month announced a merger with US-based Queen's Gambit Growth Capital (GMBT.O) that will allow the company