The chief executive of Egyptian transport technology start-up Swvl said, will expand in two other cities in Pakistan, Islamabad and Rawalpindi in the next two weeks.
The international firm opera¬tes buses along fixed routes and allows customers to reserve and pay for them using an app, its co-founder and CEO Mostafa Kandil said.
According to the CEO, the company is now opening an engineering office in Karachi to have a full-fledged engineering team.
The announcement comes less than two months after Swvl expanded to Pakistan with its launch in Lahore. Pakistan is the second international market for Swvl that expanded to Kenya earlier this year.
Before the end of this year, the firm expected to enter Lagos, Nigeria’s commercial capital and also planning to launch in other South East Asian markets.
Founded in 2017, Swvl is seeking to raise more than $100 million in a financing round in the first half of next year and is targeting a $1 billion valuation in the next five years. It has secured the biggest round of funding for a tech start-up in Egypt.
The Swvl app, which has fixed bus routes, use the passenger’s location and destination to determine the shortest possible trip time based on the nearest bus stop.
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27 September, 2019