SWLV is a popular e-bus service that has been operating in the Kenyan market for the better part of 2019. Its official launch in the country was attended by key executives from Cairo, which is also the app’s headquarters.
According to Menabytes, Mahmoud Nouh, who is one of the SWVL’s co-founders and now former COO has since left the company. He founded the transportation app back in 2017 with Mostafa Kandil and has since propelled the startup to admirable heights across key markets in Africa.
It is reported that Mahmoud resigned from his role to pursue personal endeavours. No further details have since been given by SWVL about his departure.
“Mahmoud has been a major pillar in the company since day one. His contributions to building Swvl from being a small startup in a tiny room to a major player in the transportation scene are countless. He is the mastermind behind building Swvl’s bus fleet and its operations,” said SWVL in a statement submitted to Menabytes.
The app has been doing well with interest from wealthy funders. It has since raised $42 million, and its valuation stands at an impressive $157 million, effectively making one of the most notable startups in the continent.
Besides Africa, of which SWVL is in the works of pumping KES 1.5 billion in the Kenya market to expand its footprint in terms of the number of routes, driver onboarding, and strategy, the app has been eyeing the Asian market with prospects of launching in Pakistan in coming days.
The former COO, who has also resigned from the SVWL board owns a significant share in the company, although the exact percentage is not known. However, the cofounders (3) hold 30 percent stake in the organization.
Locally, SWVL has been negotiating with the transport regulator NTSA that is tasking it and Little Shuttle to register as Matatu Saccos. Both companies are still ferrying customers in Nairobi as they continue to explore a long-term solution.