[Transcript] #54: Swvl - How the bus mobility platform became one of the largest transportation companies in Africa
Transcript for podcast originally recorded on July 22, 2022
😉 In July 2022, we explored the story of Swvl, the Egyptian and Dubai-based mobility platform. Swvl was founded in Egypt in 2017 and has since expanded to multiple countries across Africa, Asia, Europe, and Latin America. Swvl leverages its proprietary technology platform to offer on-demand bus rides, carpooling, and corporate transportation solutions. The company aims to address urban mobility challenges by providing affordable, efficient, and convenient transportation options for commuters and travelers.
Swvl operates primarily through tech-enabled bus-sharing services, allowing users to book fixed-route, on-demand bus rides via their app. Founded by Mostafa Kandil, Mahmoud Nouh, and Ahmed Sabbah, the company focuses on emerging markets like Egypt, Kenya, Pakistan, and the UAE to reduce commuting costs and improve efficiency.
Unfortunately, Swvl has faced significant challenges since their IPO:
Stock price decline: Swvl's stock price has plummeted, losing over 90% of its value, raising concerns about the company's financial stability and future prospects.
Layoffs and restructuring: Swvl has undergone multiple rounds of layoffs, affecting a substantial portion of its workforce, and has restructured operations, scaling back or exiting certain markets to improve financial performance.
Companies discussed: Swvl, Careem, Uber, Treepz & Rocket Internet
Business concepts discussed: Mobility strategy, Ridesharing, Bus sharing, Public transportation, infrastructure dependencies, IPOs & Special Purpose Acquisition Companies (SPACs)
Enjoy!
Olumide Ogunsanwo
Personal: Website
Afrobility Podcast: Stories and analyses of African technology companies (Website, Listen: Apple podcasts, Spotify & Google podcasts & Read: Substack Newsletter)
Adamantium Fund: African B2B fund focused on education, health, finance, food and transportation (Website & memo)
Firedom Book: Financial Independence stories of African Immigrants (Website, Substack Newsletter & Buy: Print, eBook or Audiobook)
Transcript starts here
[00:00:00] Olumide Ogunsanwo: Today, we're going to talk about the Swvl Egyptian and Dubai based mobility platform. We'll explore the Swvl story across five years. First, we'll start with some context about transportation in Egypt. Second, we'll talk about Swivels early history, third, their product and monetization strategy. Fourth Swvl spec public offering, and then fifth will end with our views on its overall outlook.
This episode was recorded on July 17th, 2022. Ready?
[00:00:21] Bankole Makanju: Yeah, I'm ready Egyptian, but based in Dubai, not Egyptian Dubai based, but
[00:00:26] Olumide Ogunsanwo: oh, fine. Okay. I mean, I don't know what to say about that, but their website says you're based in Dubai. So I've seen and for now and for now. So what are we saying today?
[00:00:36] Bankole Makanju: We're talking about Swvl, but first of all, how are you doing?
[00:00:39] Olumide Ogunsanwo: I'm doing fine. Same. Nothing to report. What about you?
[00:00:44] Bankole Makanju: I am recovering from a cold. I took a long walk yesterday and yeah, not a good, it was actually cold and I thought in the evening, so,
[00:00:53] Olumide Ogunsanwo: so long walk with no, no podcast, no book, no audio. Literally just silence just me and my thoughts, dude.
Oh God, that's scary. Swvl is basically a bus-hailing service that operates in developing markets.
[00:01:09] Bankole Makanju: Yes. The way I think about it as like Uber, but for mass transit.
[00:01:12] Olumide Ogunsanwo: Yes exactly. In tech English. It's a bus transportation network that operates in developing markets. And then in straight up corporate speak, it's a global provider of transformative tech enabled mass transit solutions. I don't like that third one, the
[00:01:26] Bankole Makanju: mobility platform that manages the end to end delivery of services for business customers and governments.