BUSINESSNews

SWVL starts trading on US stock exchange market NASDAQ


Swvl, the mass transit and shared mobility provider has officially been listed on the NASDAQ stock market in New York.

The public listing, the company says will open more avenues for further investment in the company and allow it to scale its operations in its existing markets including Kenya and beyond.

“Mobility and the empowerment that comes with it should be a fundamental right for all. As a public company, we plan to build on Swvl’s exponential growth to date and proprietary tech-enabled platform, ensuring that underserved populations have access to solutions that are safe, convenient and affordable. In turn, we will leverage our best-in-class team, established partnerships and proprietary tech stack with differentiated solutions,” said Swvl CEO, Mostafa Kandil.

Against this backdrop, Swvl Kenya has also appointed three General Managers to oversee the different business arms including Caroline Mutuku who has been appointed Retail General Manager for Swvl Kenya.

Commenting on the company’s listing on the NASDAQ, Caroline said “We are excited for what this means for our Kenyan commuters. We have seen some growth in passenger numbers over the last year, and with the easing of restrictions in the country, we are expecting this to continue going forward. We are committed to providing a comfortable, convenient and affordable option for commuters and the listing of the company on NASDAQ will help us greatly”.

In Kenya, Swvl has also continued to expand its Swvl Travel offering and plies routes to over 10 destinations with plans to expand further. The most popular routes are Nakuru, Mombasa, Kisii, Kisumu, Eldoret, Meru, Nyeri, Nanyuki and Kakamega. Swvl Travel offers both premium and Economy services. To date, SWVL Travel has transported over 50,000 unique customers to and from their travel destinations, completing over 25,000 rides. The company also transports over 5,000 individuals to and from work on a daily basis, as part of Swvl Business through which organisations can enlist Swvl for their corporate travel needs.

The company has 100 people directly employed in Kenya, and works with over 500 bus owners that have partnered with Swvl. On the daily commuter rides, Swvl covers 300 routes to over 55 destinations which provide commuters with direct rides to the CBD, Upperhill and Westlands. Swvl has also increased the number of routes available to enable more passengers to book trips to their desired destinations. These routes include Utawala to CBD, Joska to Westlands, Ongata Rongai to Westlands and, Kiserian to CBD and Westlands.

Follow us on TelegramTwitterFacebook, or subscribe to our weekly newsletter to ensure you don’t miss out on any future updates. Send tips to info@techtrendske.co.ke.

Facebook Comments

LISTEN TO OUR 24BIT PODCAST

Nixon Kanali

Tech journalist based in Nairobi. I track and report on tech, business and African startups. Founder and Editor For TechTrendsKE. Nixon is also the East African tech editor for Africa Business Communities. Send tips to nkanali@techtrendske.co.ke.

Leave us a comment

TECNO Camon 19 PRO MONDRIAN EDITION REVIEW
Back to top button