Rinchi
Egyptian mobility startup, Swvl, has raised more than $20 million in a new round. According to a report by Menabytes, the round completed just before the Covid-19 pandemic affected the region. The report mentioned that the investment has not been announced officially. However, it seems likely that the existing and new investors take part in it.
The Cairo-born startup was founded in 2017 by Mostafa Kandil, Ahmed Sabbah, and Mahmoud Nouh. The startup allows users to book their daily rides through its app at an affordable price using both a credit card or cash.
Besides Egypt, the service has been expanded to six cities across three countries, including Dubai, Kenya, and Pakistan. In Pakistan, it was launched last year, a month after it announced its $42 million round.
Due to the Coronavirus outbreak that has taken hold in the markets, Swvl’s service has been affected by it. In Pakistan, the service has been suspended temporarily while the routes have been scaled down both in Egypt and Kenya. Despite the tough situation that hit Swvl, the startup has been participating in several initiatives across the countries to help the community.
Unlike other similar companies that have done massive layoffs during the pandemic, Swvl has announced new hirings. According to Menabytes, it opened 20 new job openings that mainly for engineering roles.
Source: menabytes.com
