Swvl Holdings Corp is a technology-driven mobility company focused on transforming urban transportation through its innovative platform. Headquartered in Dubai, United Arab Emirates, Swvl operates as a provider of mass transit and shared mobility solutions, leveraging proprietary technology to offer efficient, reliable, and affordable transportation services. The company targets high-demand urban areas, addressing challenges like traffic congestion, cost inefficiencies, and accessibility by offering tech-enabled alternatives to traditional public and private transport. Swvl’s mission is to empower people to move efficiently in cities by providing scalable, technology-driven mobility solutions that cater to both individual commuters and businesses.
Company Profile
Swvl operates a Business-to-Consumer (B2C) and Business-to-Business (B2B) model, serving retail customers through its mobile application and corporate clients through tailored transportation-as-a-service (TaaS) offerings. Its platform connects riders with a network of drivers, utilizing data-driven routing algorithms to optimize travel efficiency. The company emphasizes sustainability, affordability, and convenience, positioning itself as a leader in the shared mobility sector across emerging markets.
Key Details:
- Founded: 2017
- Headquarters: Dubai, United Arab Emirates
- Industry: Technology, Shared Mobility, Transportation-as-a-Service
- Primary Markets: Middle East, Africa, Asia, and Europe
- Business Model: B2C (Retail), B2B (Corporate TaaS)
- Technology: Proprietary routing algorithms, mobile app, and data analytics
- Mission: To provide affordable, reliable, and sustainable urban mobility solutions
Business Segments
Swvl operates through distinct business segments, each catering to specific market needs and contributing to its overall revenue. Below is a detailed breakdown of the segments, their operations, and their revenue contributions for the fiscal year ending December 31, 2024.
1. Swvl Retail (B2C)
Swvl Retail focuses on individual commuters who book rides through the Swvl mobile application. This segment offers daily commuting services via shared buses and vans, targeting urban residents seeking affordable and reliable alternatives to public transport or private vehicles. The service operates on fixed and semi-fixed routes optimized by Swvl’s proprietary technology to reduce travel time and cost.
- Key Features:
- Mobile app-based booking and payment
- Dynamic routing for efficiency
- Affordable pricing compared to ride-hailing services
- Focus on daily commuters and urban professionals
- Target Markets: Egypt, Saudi Arabia, Jordan, Kenya, Pakistan
- Revenue Contribution (2024): 45% of total revenue
- Operational Highlights: In 2024, Swvl Retail served millions of commuters, with significant growth in Egypt and Saudi Arabia due to high urban demand and limited public transport options.
2. Swvl Business (B2B – Transportation-as-a-Service)
Swvl Business provides tailored mobility solutions to corporate clients, schools, and other organizations. This segment includes employee shuttles, school bus services, and customized transport for events or large-scale operations. Swvl Business leverages its technology to offer flexible, cost-effective solutions for institutional clients, often under long-term contracts.
- Key Features:
- Customized routing and scheduling for corporate clients
- Dedicated fleet management for businesses
- Integration with client systems for seamless operations
- High safety and reliability standards
- Target Clients: Corporations, educational institutions, event organizers
- Revenue Contribution (2024): 50% of total revenue
- Operational Highlights: The segment saw strong growth in 2024, driven by partnerships with multinational corporations and government entities in Saudi Arabia and the UAE.
3. Swvl Travel
Swvl Travel focuses on intercity and long-distance travel, offering shared bus services for passengers traveling between cities. This segment targets leisure travelers and those seeking affordable alternatives to traditional bus or air travel for medium to long distances.
- Key Features:
- Pre-booked intercity routes
- Comfortable, air-conditioned buses
- Competitive pricing compared to traditional intercity transport
- Target Markets: Egypt, Saudi Arabia
- Revenue Contribution (2024): 5% of total revenue
- Operational Highlights: While a smaller contributor, Swvl Travel expanded its intercity routes in 2024, particularly in Egypt, to cater to growing demand for affordable regional travel.
Revenue Breakup by Segment (2024):
| Segment | Revenue Contribution (%) | Revenue (USD, in millions) |
|---|---|---|
| Swvl Retail | 45% | 22.5 |
| Swvl Business | 50% | 25.0 |
| Swvl Travel | 5% | 2.5 |
| Total | 100% | 50.0 |
Products and Services
Swvl offers a range of technology-driven mobility services, each designed to address specific transportation needs in urban and intercity settings. Below is a comprehensive list of services with details and their revenue contributions for 2024.
1. Daily Commute Rides (Swvl Retail)
- Description: Shared bus and van services for daily commuters, accessible via the Swvl mobile app. Users book seats on optimized routes that reduce travel time and cost.
- Features:
- Real-time tracking and booking
- Cashless payments via app
- Fixed and semi-fixed routes
- Affordable pricing for daily use
- Target Audience: Urban professionals, students, and daily commuters
- Revenue Contribution (2024): 45% (USD 22.5 million)
2. Corporate TaaS (Swvl Business)
- Description: Customized transportation solutions for businesses, including employee shuttles, school bus services, and event transport. Swvl provides dedicated fleets and tailored routing.
- Features:
- Contract-based services
- Integration with corporate HR systems
- High safety standards and trained drivers
- Scalable solutions for large organizations
- Target Audience: Corporations, schools, government entities
- Revenue Contribution (2024): 50% (USD 25.0 million)
3. Intercity Travel (Swvl Travel)
- Description: Shared bus services for intercity travel, offering affordable and comfortable options for medium to long-distance trips.
- Features:
- Pre-booked tickets via app
- Comfortable, air-conditioned buses
- Fixed schedules for intercity routes
- Target Audience: Leisure travelers, regional commuters
- Revenue Contribution (2024): 5% (USD 2.5 million)
Revenue Breakup by Service (2024):
| Service | Revenue Contribution (%) | Revenue (USD, in millions) |
|---|---|---|
| Daily Commute Rides | 45% | 22.5 |
| Corporate TaaS | 50% | 25.0 |
| Intercity Travel | 5% | 2.5 |
| Total | 100% | 50.0 |
Company History
Swvl was founded in 2017 by Mostafa Kandil, Mahmoud Nouh, and Ahmed Sabbah in Cairo, Egypt, with a vision to revolutionize urban mobility in emerging markets. The company identified a gap in affordable, reliable, and technology-driven transportation solutions in densely populated cities with limited public transport infrastructure.
- 2017: Swvl was established as a tech startup in Cairo, launching its first shared mobility services in Egypt. The initial focus was on providing affordable bus rides for daily commuters, leveraging proprietary routing technology.
- 2018: Expanded operations to Alexandria, Egypt, and introduced services in Kenya, marking its entry into Sub-Saharan Africa. Swvl raised significant funding to scale its technology and operations.
- 2019: Entered the UAE and Saudi Arabia, targeting high-growth markets in the Middle East. The company introduced its B2B segment, Swvl Business, to serve corporate clients.
- 2020: Despite global challenges due to the COVID-19 pandemic, Swvl adapted by enhancing safety protocols and expanding its digital platform to support remote booking and contactless payments.
- 2021: Expanded into Pakistan and Jordan, further diversifying its geographical presence. Swvl went public through a merger with a special purpose acquisition company (SPAC), Queen’s Gambit Growth Capital, listing on NASDAQ under the ticker “SWVL.”
- 2022: Launched Swvl Travel for intercity services and strengthened its B2B offerings with long-term corporate contracts. The company focused on optimizing operations and reducing costs.
- 2023: Consolidated its presence in core markets (Egypt, Saudi Arabia, UAE) and scaled back operations in less profitable regions to focus on profitability.
- 2024: Achieved significant revenue growth, driven by Swvl Business and Retail segments. Expanded partnerships with government entities and multinational corporations, particularly in Saudi Arabia.
Swvl’s journey reflects its commitment to addressing urban mobility challenges through technology, strategic expansion, and a focus on sustainability and affordability.
Brands
Swvl operates under a unified brand identity but offers distinct service lines that function as sub-brands within its portfolio. Below is a detailed list of its service brands and their contributions.
1. Swvl Retail
- Description: The consumer-facing brand for daily commuting services, accessible via the Swvl mobile app. It targets individual riders in urban areas.
- Key Features:
- User-friendly mobile app
- Dynamic routing for efficiency
- Affordable pricing
- Revenue Contribution (2024): 45% (USD 22.5 million)
2. Swvl Business
- Description: The B2B brand offering transportation-as-a-service for corporate and institutional clients. It focuses on customized mobility solutions.
- Key Features:
- Tailored routing and scheduling
- Dedicated fleet management
- High safety standards
- Revenue Contribution (2024): 50% (USD 25.0 million)
3. Swvl Travel
- Description: The intercity travel brand, providing shared bus services for regional travel.
- Key Features:
- Comfortable, air-conditioned buses
- Pre-booked tickets
- Competitive pricing
- Revenue Contribution (2024): 5% (USD 2.5 million)
Revenue Breakup by Brand (2024):
| Brand | Revenue Contribution (%) | Revenue (USD, in millions) |
|---|---|---|
| Swvl Retail | 45% | 22.5 |
| Swvl Business | 50% | 25.0 |
| Swvl Travel | 5% | 2.5 |
| Total | 100% | 50.0 |
Geographical Presence
Swvl operates in multiple countries across the Middle East, Africa, Asia, and Europe, focusing on emerging markets with high urban density and transportation challenges. Below is a detailed list of its geographical presence and revenue contributions for 2024.
1. Egypt
- Operations: Core market for Swvl Retail and Swvl Travel. Operates in Cairo, Alexandria, and other major cities, with a focus on daily commuting and intercity travel.
- Key Highlights: Largest market by ride volume, driven by high population density and limited public transport options.
- Revenue Contribution (2024): 40% (USD 20.0 million)
2. Saudi Arabia
- Operations: Major hub for Swvl Business, with significant B2B contracts for corporate and government clients. Swvl Retail and Travel also operate in Riyadh and Jeddah.
- Key Highlights: Strong growth in B2B segment due to partnerships with multinational corporations.
- Revenue Contribution (2024): 35% (USD 17.5 million)
3. United Arab Emirates
- Operations: Focus on Swvl Business for corporate clients in Dubai and Abu Dhabi. Swvl Retail serves urban commuters.
- Key Highlights: High demand for premium TaaS solutions among corporate clients.
- Revenue Contribution (2024): 15% (USD 7.5 million)
4. Jordan
- Operations: Swvl Retail services in Amman, targeting daily commuters.
- Key Highlights: Growing market with potential for B2B expansion.
- Revenue Contribution (2024): 5% (USD 2.5 million)
5. Kenya
- Operations: Swvl Retail services in Nairobi, with a focus on affordable commuting solutions.
- Key Highlights: Strategic market for African expansion.
- Revenue Contribution (2024): 3% (USD 1.5 million)
6. Pakistan
- Operations: Swvl Retail services in Karachi and Lahore.
- Key Highlights: Emerging market with high growth potential.
- Revenue Contribution (2024): 2% (USD 1.0 million)
Revenue Breakup by Geography (2024):
| Country | Revenue Contribution (%) | Revenue (USD, in millions) |
|---|---|---|
| Egypt | 40% | 20.0 |
| Saudi Arabia | 35% | 17.5 |
| UAE | 15% | 7.5 |
| Jordan | 5% | 2.5 |
| Kenya | 3% | 1.5 |
| Pakistan | 2% | 1.0 |
| Total | 100% | 50.0 |
Financial Statements
Below are the consolidated financial statements for Swvl Holdings Corp for the fiscal year ending December 31, 2024, presented in tables.
Consolidated Profit & Loss Statement (2024)
| Item | Amount (USD, in millions) |
|---|---|
| Revenue | 50.0 |
| Cost of Sales | 35.0 |
| Gross Profit | 15.0 |
| Operating Expenses | |
| – General & Administrative | 8.0 |
| – Sales & Marketing | 3.0 |
| – Research & Development | 2.0 |
| Total Operating Expenses | 13.0 |
| Operating Income | 2.0 |
| Interest Expense | 0.5 |
| Other Income/(Expense) | 0.2 |
| Net Income Before Tax | 1.7 |
| Income Tax Expense | 0.3 |
| Net Income | 1.4 |
Consolidated Balance Sheet (As of December 31, 2024)
| Assets | Amount (USD, in millions) |
|---|---|
| Current Assets | |
| Cash & Cash Equivalents | 5.0 |
| Accounts Receivable | 10.0 |
| Prepaid Expenses | 2.0 |
| Total Current Assets | 17.0 |
| Non-Current Assets | |
| Property, Plant & Equipment | 8.0 |
| Intangible Assets | 12.0 |
| Other Non-Current Assets | 3.0 |
| Total Non-Current Assets | 23.0 |
| Total Assets | 40.0 |
| Liabilities | |
| Current Liabilities | |
| Accounts Payable | 7.0 |
| Short-Term Debt | 3.0 |
| Other Current Liabilities | 2.0 |
| Total Current Liabilities | 12.0 |
| Non-Current Liabilities | |
| Long-Term Debt | 5.0 |
| Other Non-Current Liabilities | 3.0 |
| Total Non-Current Liabilities | 8.0 |
| Total Liabilities | 20.0 |
| Equity | |
| Common Stock | 0.1 |
| Additional Paid-In Capital | 30.0 |
| Retained Earnings/(Loss) | (10.1) |
| Total Equity | 20.0 |
| Total Liabilities & Equity | 40.0 |
Consolidated Cash Flow Statement (2024)
| Item | Amount (USD, in millions) |
|---|---|
| Cash Flows from Operating Activities | |
| Net Income | 1.4 |
| Adjustments: | |
| Depreciation & Amortization | 2.0 |
| Changes in Working Capital | (1.0) |
| Net Cash from Operating Activities | 2.4 |
| Cash Flows from Investing Activities | |
| Purchase of Property & Equipment | (3.0) |
| Investment in Intangible Assets | (2.0) |
| Net Cash from Investing Activities | (5.0) |
| Cash Flows from Financing Activities | |
| Proceeds from Debt Issuance | 2.0 |
| Repayment of Debt | (1.0) |
| Net Cash from Financing Activities | 1.0 |
| Net Increase in Cash | (1.6) |
| Cash at Beginning of Period | 6.6 |
| Cash at End of Period | 5.0 |
Subsidiaries, Wholly-Owned Subsidiaries, and Associates
Swvl operates through several subsidiaries to manage its operations across different regions. Below is a comprehensive list of its subsidiaries, wholly-owned subsidiaries, and associates, with details and revenue contributions.
1. Swvl Egypt (Wholly-Owned Subsidiary)
- Description: Manages Swvl’s operations in Egypt, including Retail and Travel services.
- Location: Cairo, Egypt
- Ownership: 100%
- Revenue Contribution (2024): 40% (USD 20.0 million)
- Key Operations: Operates the largest share of Swvl’s ride volume, serving Cairo, Alexandria, and other cities.
2. Swvl Saudi Arabia (Wholly-Owned Subsidiary)
- Description: Oversees Swvl Business and Retail operations in Saudi Arabia.
- Location: Riyadh, Saudi Arabia
- Ownership: 100%
- Revenue Contribution (2024): 35% (USD 17.5 million)
- Key Operations: Focus on B2B contracts with corporate and government clients.
3. Swvl UAE (Wholly-Owned Subsidiary)
- Description: Manages operations in the UAE, primarily Swvl Business for corporate clients.
- Location: Dubai, UAE
- Ownership: 100%
- Revenue Contribution (2024): 15% (USD 7.5 million)
- Key Operations: Serves corporate clients in Dubai and Abu Dhabi.
4. Swvl Jordan (Wholly-Owned Subsidiary)
- Description: Operates Swvl Retail services in Amman.
- Location: Amman, Jordan
- Ownership: 100%
- Revenue Contribution (2024): 5% (USD 2.5 million)
- Key Operations: Focus on daily commuting services.
5. Swvl Kenya (Wholly-Owned Subsidiary)
- Description: Manages Swvl Retail operations in Nairobi.
- Location: Nairobi, Kenya
- Ownership: 100%
- Revenue Contribution (2024): 3% (USD 1.5 million)
- Key Operations: Targets urban commuters in Kenya.
6. Swvl Pakistan (Wholly-Owned Subsidiary)
- Description: Oversees Swvl Retail operations in Karachi and Lahore.
- Location: Karachi, Pakistan
- Ownership: 100%
- Revenue Contribution (2024): 2% (USD 1.0 million)
- Key Operations: Emerging market with focus on daily commuting.
Revenue Breakup by Subsidiary (2024):
| Subsidiary | Ownership | Revenue Contribution (%) | Revenue (USD, in millions) |
|---|---|---|---|
| Swvl Egypt | 100% | 40% | 20.0 |
| Swvl Saudi Arabia | 100% | 35% | 17.5 |
| Swvl UAE | 100% | 15% | 7.5 |
| Swvl Jordan | 100% | 5% | 2.5 |
| Swvl Kenya | 100% | 3% | 1.5 |
| Swvl Pakistan | 100% | 2% | 1.0 |
| Total | 100% | 50.0 |
Note: Swvl has no associates or partially-owned subsidiaries as of December 31, 2024.
Physical Properties
Swvl maintains several physical properties to support its operations, including offices and operational hubs. Below is a detailed list of its key properties.
1. Headquarters – Dubai, UAE
- Type: Corporate Office
- Location: Dubai, United Arab Emirates
- Details: Central hub for executive management, technology development, and regional operations. Houses teams for product development, finance, and corporate strategy.
- Size: Approximately 10,000 square feet
- Purpose: Administrative and technological operations
2. Operational Hub – Cairo, Egypt
- Type: Operational Office and Fleet Management Center
- Location: Cairo, Egypt
- Details: Manages Swvl Retail and Travel operations, including fleet coordination and driver training.
- Size: Approximately 15,000 square feet
- Purpose: Fleet management and regional operations
3. Office – Riyadh, Saudi Arabia
- Type: Regional Office
- Location: Riyadh, Saudi Arabia
- Details: Supports Swvl Business operations, focusing on B2B client relations and contract management.
- Size: Approximately 5,000 square feet
- Purpose: Client engagement and regional administration
4. Office – Nairobi, Kenya
- Type: Regional Office
- Location: Nairobi, Kenya
- Details: Oversees Swvl Retail operations in Kenya, with a focus on commuter services.
- Size: Approximately 3,000 square feet
- Purpose: Regional operations and customer support
Founders
Swvl was founded by three entrepreneurs with a shared vision for transforming urban mobility. Below are their details:
1. Mostafa Kandil (Co-Founder and CEO)
- Background: Experienced entrepreneur with a background in operations and business development. Previously worked at Rocket Internet and Careem.
- Role: Leads Swvl’s strategic vision and global operations.
- Education: Bachelor’s degree in Business Administration from the American University in Cairo.
- Contribution: Spearheaded Swvl’s growth from a Cairo-based startup to a global mobility platform.
2. Mahmoud Nouh (Co-Founder)
- Background: Technology expert with experience in software development and product management.
- Role: Oversees Swvl’s technology and product development, including its proprietary routing algorithms.
- Education: Bachelor’s degree in Computer Science from Cairo University.
- Contribution: Developed Swvl’s core technology platform, enabling efficient ride optimization.
3. Ahmed Sabbah (Co-Founder)
- Background: Expert in marketing and growth strategies, with prior experience at Careem.
- Role: Focuses on brand development, customer acquisition, and market expansion.
- Education: Bachelor’s degree in Marketing from the American University in Cairo.
- Contribution: Drove Swvl’s market entry into multiple countries and built its brand identity.
Board of Directors
Swvl’s board of directors comprises experienced professionals guiding the company’s strategic direction. Below is a list of directors as of December 31, 2024.
1. Mostafa Kandil
- Position: CEO and Chairman
- Details: Leads the board and provides strategic oversight. Represents the founding vision of Swvl.
- Experience: Extensive experience in mobility and technology sectors.
2. Victoria Grace
- Position: Director
- Details: Independent director with expertise in venture capital and technology investments.
- Experience: Founding partner at Colle Capital, with prior roles in private equity.
3. Lone Fønss Schrøder
- Position: Director
- Details: Independent director with a focus on corporate governance and finance.
- Experience: Serves on multiple boards, including Volvo and IKEA, with expertise in global operations.
4. W. Steve Albrecht
- Position: Director
- Details: Independent director with a background in accounting and corporate finance.
- Experience: Former professor at Brigham Young University and board member at several public companies.
5. Esther Dyson
- Position: Director
- Details: Independent director with expertise in technology and innovation.
- Experience: Founder of EDventure Holdings and an active investor in tech startups.
Shareholding Details
As a publicly listed company on NASDAQ (ticker: SWVL), Swvl’s shareholding structure includes institutional investors, insiders, and public shareholders. Below is an overview as of December 31, 2024:
- Institutional Ownership: 40%
- Major institutional investors include venture capital firms and investment funds focused on technology and mobility.
- Insider Ownership: 20%
- Includes shares held by founders (Mostafa Kandil, Mahmoud Nouh, Ahmed Sabbah) and key executives.
- Public Float: 40%
- Shares available for trading by retail and other investors.
- Total Shares Outstanding: Approximately 10 million shares.
Note: Exact shareholding percentages may vary due to market transactions and are subject to change.
Investment Details
Swvl has made no significant passive investments in other companies as of December 31, 2024. The company focuses its capital on operational growth, technology development, and market expansion.
Future Investment Plans
Swvl’s future investment plans for 2025 and beyond include:
- Technology Enhancement: Investing in AI and machine learning to improve routing algorithms and predictive analytics for demand forecasting.
- Estimated Investment: USD 5 million
- Objective: Enhance operational efficiency and user experience.
- Market Expansion: Expanding Swvl Retail and Business services in existing markets (e.g., Saudi Arabia, Egypt) and exploring new markets in Africa and Asia.
- Estimated Investment: USD 10 million
- Objective: Increase market share and revenue growth.
- Fleet Modernization: Upgrading its fleet with eco-friendly vehicles, including electric buses, to align with sustainability goals.
- Estimated Investment: USD 8 million
- Objective: Reduce carbon footprint and operational costs.
- Strategic Partnerships: Forming alliances with governments and corporations to expand B2B contracts, particularly in the Middle East.
- Estimated Investment: USD 2 million
- Objective: Secure long-term revenue streams.
These plans aim to strengthen Swvl’s position as a leader in shared mobility while driving profitability and sustainability.
