Dubai’s Careem funds Egypt’s bus transport start-up
Originally published in Arabian Business by Parag Deulgaonkar (link below)
$500,000 investment will help Swvl expand, add new services
Dubai-based taxi hailing app Careem on Monday said it has invested $5000,000 (AED1.835 million) in Swvl, Egypt’s bus transportation network.
The seed funding will help the Cairo-based startup to expand its network into more Egyptian cities and regional markets.
In July 2016, Careem invested $100m (AED367m) in setting up research and development centres in Germany and Egypt to accelerate innovation in transportation-related technology infrastructure.
Following the investment, Swvl, which currently accepts payment via credit card, will unveil four new payment options over the next few months, which includes wallets and cash on delivery.