Swvl Inc has no concrete plans to tap into new markets in Africa for the time being, in spite of its aggressive worldwide expansion over the past few years.
There is, however, one African nation that the Dubai-based bus-hailing services startup finds quite appealing nowadays.
“No immediate plans at the moment” to expand into new African markets “but we see South Africa as a market where there is a high product market fit” for Swvl, the company’s CFO Youssef Salem tells The Africa Report.
Salem’s comments come shortly after Swvl – which was founded in Cairo four and a half years ago before moving its headquarters to Dubai in 2019 – unveiled a “definitive agreement to acquire a controlling interest in Viapool” – a Latin American mass transit firm – on 16 November.
The deal, which according to Bloomberg is valued at around $10m, will see Swvl operate in Argentina and Chile
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