Previous Post
“Qatar Unfit to Host 2022 World Cup”, 6 Arab Countries Including Egypt Appeal to FIFA
Next Post
6IX Degrees Just Revealed The Lineup for This Long Weekend, and It's Insane

Careem Purchases $500,000 Stake in Fledgling Egyptian Transit Startup Swvl

The Middle Eastern competitor to Uber makes its first investment - and it's in a startup launched by one of its former employees.

It’s full circle for the Careem employee who left his job with the ridesharing mega-startup to launch his own transportation platform. Mostafa Kondil was a Careem Market Launcher when he began imagining a modern spin on public transit. He quit his job this February and launched Swvl, an app that connects commuters with high-end bus routes. In a twist of events, the Egyptian entrepreneur’s former employer has announced their purchase of a minority stake in Swvl for $500,000. Careem’s co-founder and chief experience officer Magnus Olsson will take a seat on the startup’s board of directors. The deal marks the first time Careem has invested in another company.

The ride-hailing firm has stated that Swvl will remain independent and continue to grow on its own. “We want them to run and learn and develop at a very high pace and high agility and we believe the best way for them to do that is to stay independent,” said Olsson. Following the investment, Swvl will continue to expand its app functionality and its range throughout Egypt, as well as move into new locations including Saudi Arabia, Jordan, and Pakistan.

In a region with numerous competing ridesharing apps (in addition to Uber and Careem, Cairo has a market for smaller companies like Taxify and Ousta), Swvl is a unique platform. Its users open the app to find the nearest bus station and then will take a luxury bus on a fixed route, rather than calling a ride to come pick them up. The app currently has over 50,000 users.

Main image: Art from Swvl's Facebook page


Todays Events
365 Scorpio @ Underground
Clubs
Date: 11/21/2018
Time: 10:00pm - 4:00am
Venue: UnderGround
Back to Roots African Heritage @ CJC 610
Bars
Date: 11/21/2018
Time: 10:00pm - 3:00am
Venue: Cairo Jazz Club 610
All You Can Eat Sushi @ Le Méridien Pyramids
Dining
Date: 11/21/2018
Time: 6:00pm - 11:00pm
Venue: Le Meridien Pyramids Hotel & Spa
Taxi El  Sahra ft. Ramy DJunkie @ CJC
Bars
Date: 11/21/2018
Time: 10:00pm - 3:00am
Venue: Cairo Jazz Club
Noha Fekry @ Jazz Bar
Bars
Date: 11/21/2018
Time: 9:30pm - 1:00am
Venue: Kempinski Jazz Bar
Elektronight: Osman + Gahallah @ The Tap Maadi
Bars
Date: 11/21/2018
Time: 10:00pm - 3:00am
Venue: The Tap Maadi
Soul    M  @ The Tap   East
Bars
Date: 11/21/2018
Time: 10:00pm - 3:00am
Venue: The Tap East
Something Else II - Off Biennale
Culture
Date: 11/21/2018
Time: 2:00pm - 8:00pm
Venue: Cairo