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Egyptian startup SWVL to invest whopping $25m in Pakistan

Egyptian startup SWVL to invest whopping $25m in Pakistan

ISLAMABAD: Egyptian startup Swvl has planned to invest $25 million in Pakistan in the next 18 months, General Manager for Pakistan Shahzeb Memon announced.

The company aims to create more than 10,000 jobs with its new business venture. It has also decided to launch an incubator to start a healthy tech ecosystem in Pakistan. According to Memon, Swvl plans on mobilising 500,000 commuters by 2023.

“In Pakistani emerging markets like Karachi, there is no proper public transport system available. So, we come in and take the burden off the government,” Memon said while talking to Arab News.

“We are here to put in the mass transit system for the big middle class, where we utilise buses to generate enough demand for them,” he added.

The bus service is currently running on 150 routes of Pakistan’s four major cities namely, Karachi, Islamabad, Lahore and Rawalpindi.

With Pakistan being SWVL’s biggest market, the company has planned to set up a foreign support office here. SWVL is just like the coaches and buses on the road only with an advanced online booking option.

The mode of payment is cash and the online payment method will soon be introduced.

The bus-hailing transportation service Swvl has made life of daily commuters easier as it provides affordable and convenient transport.