Swvl, Egypt-founded and UAE-based mobility startup has expanded services to Belp, Switzerland under the brand name,my Bux .The service established 81 “digital stops” for consumers. The operations kicked off on August 20 this year and 100,000 trips have been conducted ever since.
The mass transit solutions provider also announced that operations in 5 of its 10 top countries by revenue, namely Egypt, Turkey, Germany, Kenya, and Jordan, turned “Adjusted EBITDA positive” and broke even in August 2022.
“With 58% of our portfolio turning Adjusted EBITDA neutral or positive, we believe that we are on track to turn cashflow positive in 2023. The countries achieving Adjusted EBITDA profitability include 3 of our organic markets and 2 markets we entered as a result of our recent acquisitions. We believe that the profitability of both the direct to consumer and enterprise segments in these countries demonstrates our ability to continue to grow, enhance margins and realize synergies across Swvl’s fully organic and inorganic portfolio,” Youssef Salem, CFO of Swvl, said.
Earlier this year, the UAE-based mobility solutions provider raised $21.5 million in private investment in public equity (PIPE) deal as part of its proposed business combination with Queen’s Gambit.
In April this year, SWVL listed on the Nasdaq via a SPAC merger deal for a share price of $9.95 but is now trading at $0.84, valuing the company at under $114 million.
