Swvl reports record topline growth in 3Q2021 as it braces for Nasdaq debut

Swvl reported revenues of USD 16 mn in the third quarter of 2021, up nearly 263% y-o-y from USD 4.4 mn in 3Q2020 and almost 14x from the same quarter three years ago, the mass transport app said in an earnings release (pdf). The company’s net margin also improved noticeably from to -12.5% in 3Q2021 from -53.8% in 3Q2018. The release came as Swvl is expected to be the first Egyptian company to IPO on the Nasdaq later this year via a merger with US special purpose acquisition company (SPAC) Queen’s Gambit Growth Capital.