{"id":546942,"date":"2022-06-02T04:00:16","date_gmt":"2022-06-02T04:00:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/swvl-eyes-new-markets-grubtech-lands-in-egypt\/"},"modified":"2022-06-02T04:00:16","modified_gmt":"2022-06-02T04:00:16","slug":"swvl-eyes-new-markets-grubtech-lands-in-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/swvl-eyes-new-markets-grubtech-lands-in-egypt\/","title":{"rendered":"Swvl eyes new markets + GrubTech lands in Egypt"},"content":{"rendered":"

<\/a> Swvl announces expansion plans just days after cutting its workforce by a <\/strong>third:<\/strong> Nasdaq-listed mass transport startup Swvl is planning to start operations in Mexico this month and could kick off in the US during 2H 2022, CFO Youssef Salem told us, confirming a report in Al Mal<\/a>. The news comes in the same week that the Cairo-born company said it is laying off 32% of its staff<\/a> \u2014 or some 400 employees \u2014 across all its markets in a bid to turn cashflow positive by next year.<\/p>\n

Why the US and Mexico? <\/strong>They are \u201cvery sizable markets with attractive unit economics and strong B2B and SaaS opportunity in line with Swvl\u2019s strategic focus,\u201d Salem said. The company aims to focus more on B2C and SaaS services, areas of the business that are currently turning a profit.<\/p>\n

The company is trimming the fat wherever possible: <\/strong>Swvl has a hiring freeze in effect, has cut headcount, imposed salary cuts for leadership, is shedding workspace and eliminating unprofitable routes, all in hopes of turning profitable by 2023, Salem said.<\/p>\n

Swvl wants to indirectly raise ticket prices: <\/strong>The firm will slash the value of the discounts it offers users by 10-20% in all its markets, Salem said, telling us to expect local Swvl prices to jump in line with inflation. Earlier this week the company said that it is also looking to end some of its unprofitable intercity routes outside of Egypt as part of its efforts to optimize operations.<\/p>\n

Swvl has been on a buying spree: <\/strong>Swvl recently expanded into Europe with its acquisition of Turkish firm Volt Lines<\/a> and mobility platform Shotl<\/a>. It also recently took a controlling stake in transit company Viapool<\/a>, which operates in Argentina and Chile, and entered Central Europe with its acquisition of German company Door2Door<\/a>.<\/p>\n

The Fed\u2019s rate hike put startups in a vulnerable position: <\/strong>The US Federal Reserve\u2019s monetary tightening is making funding more costly at the same time that venture funding is drying up across Planet Startup. Meanwhile, investors in public equities have pulled back from recently listed startups as part of a general risk-off that has swept global markets. \u201cWe are no longer funded by VCs [after going public] but even the public markets where we are being funded are impacted,\u201d Salem said.<\/p>\n

Tech companies and blank-check firms have been particularly hard hit this year<\/strong> as rising interest rates reverse the easy conditions of the covid era and put pressure on growth stocks. US-listed stock stocks have plunged into a bear market in what has become the worst year on record for the Nasdaq \u2014 and Swvl\u2019s shares have halved in value since it debuted on the Nasdaq<\/a> via a SPAC merger in April<\/p>\n

\n

IN OTHER STARTUP NEWS- <\/strong><\/p>\n

GrubTech arrives in Egypt:<\/strong> Dubai-based foodtech startup GrubTech<\/a> has launched in Egypt and plans to invest USD 5 mn over the next 12-18 months into its operations, it said in a statement<\/a>(pdf)<\/a> yesterday. Backed by USD 13 mn in series A funding<\/a>, the company has opened an office in Cairo and plans to use Egypt as a hub to reach other markets in Africa, it said.<\/p>\n

About GrubTech: <\/strong>Founded in 2019 by Mohamed Al Fayed (LinkedIn<\/a>), Omar Rifai (LinkedIn<\/a>) and Mohamed Hamedi (LinkedIn<\/a>), GrubTech provides cloud and dark kitchen services to restaurants. Billing itself as an \u201call-in-one\u201d management tool, restaurants can receive orders, monitor stock and schedule deliveries via the platform, which also provides marketing tools and access to data analytics. The company is currently present in 17 countries.<\/p>\n

MOVES-<\/strong> The company has tapped Osama Harfoush<\/strong> (LinkedIn<\/a>) as its country manager<\/strong>. Harfoush joins the company from Mrsool where he served as the company\u2019s Egypt country manager.<\/p>\n

The startup has recently <\/strong>partnered with Paymob<\/a><\/strong> to streamline payments for Egypt\u2019s F&B industry, signing a partnership agreement to incorporate digital payments for local restaurants, cafes, and cloud kitchens using GrubTech.<\/p>\n

\n

APPETITO UPDATE-<\/strong><\/p>\n

How much did Appetito pay for Lamma? No less than USD 10 mn<\/strong>, Appetito CFO Mark Adeeb told Bloomberg Asharq<\/a>. Earlier this week, the Cairo-based grocery delivery platform announced that it had acquired<\/a> its Tunisian competitor, in a move that will give Appetito access to new markets in Tunisia and Morocco.<\/p>\n

Appetito has a USD 20-40 mn funding round in the pipeline<\/strong> that it hopes to complete this year, Adeeb said. The startup is set to use the funds for its regional expansion.<\/p>\n","protected":false},"excerpt":{"rendered":"

Swvl announces expansion plans just days after cutting its workforce by a third: Nasdaq-listed mass transport startup Swvl is planning to start operations in Mexico this month and could kick off in the US during 2H 2022, CFO Youssef Salem told us, confirming a report in Al Mal. The news comes in the same week […]<\/p>\n","protected":false},"author":1,"featured_media":546943,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7258],"tags":[1986,72,1573,1987,328,95,123,507],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546942","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-appetito","tag-enterpriseam","tag-grubtech","tag-lamma","tag-ride-hailing","tag-startup-watch","tag-startups","tag-swvl","wpautop","entry"],"acf":{"mongo_id":"b20142a8-ef25-4ef8-949e-db7a283ade79","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/6\/116.jpg","photo_position":"above","related_issue":[546924],"teaser":"","voice_url":""},"yoast_head":"\nSwvl eyes new markets + GrubTech lands in Egypt - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/swvl-eyes-new-markets-grubtech-lands-in-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Swvl eyes new markets + GrubTech lands in Egypt\" \/>\n<meta property=\"og:description\" content=\"Swvl announces expansion plans just days after cutting its workforce by a third: Nasdaq-listed mass transport startup Swvl is planning to start operations in Mexico this month and could kick off in the US during 2H 2022, CFO Youssef Salem told us, confirming a report in Al Mal. 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In an announcement last week, Swvl said it\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/180.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":630552,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/24\/swvl-sees-the-largest-funding-round-in-egypt-tech-startup-history\/","url_meta":{"origin":546942,"position":2},"title":"Swvl sees the largest funding round in Egypt tech startup history","author":"enterpriseam admin","date":"24 April 2018","format":false,"excerpt":"INVESTMENT WATCH- Swvl closes the largest funding round in Egypt tech startup history: Mass transit ride-hailing app Swvl received USD 8 mn in Series A funding, the company said in a statement on Monday (pdf). The funding is led by regional venture fund BECO Capital, alongside Africa-based investor DiGAME, global\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/4\/1706.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546849,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/swvl-slashes-headcount-as-startups-around-the-world-gird-for-nuclear-winter\/","url_meta":{"origin":546942,"position":3},"title":"Swvl slashes headcount as startups around the world gird for nuclear winter","author":"enterpriseam admin","date":"31 May 2022","format":false,"excerpt":"Swvl cuts headcount by a third: Nasdaq-listed mass transport startup Swvl is laying off 32% of its staff in a bid to turn cash flow positive by next year, it said in a statement yesterday. Around 400 jobs will be cut as the company looks to reduce costs, CFO Youssef\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/411.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":622003,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/25\/swvl-valued-at-usd-100-mn\/","url_meta":{"origin":546942,"position":4},"title":"Swvl valued at USD 100 mn?","author":"enterpriseam admin","date":"25 November 2018","format":false,"excerpt":"INVESTMENT WATCH- Swvl valued at USD 100 mn in series \u2018B\u2019 funding round? Mass transit app Swvl raised \u201ctens of mns of USD\u201d in Series \u2018B\u2019 funding from new and existing investors, CEO and co-founder Mostafa Kandil told Reuters on Thursday. While he did not disclose size of the round\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/4\/1706.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555520,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/17\/swvl-to-enter-chile-argentina-with-viapool-acquisition\/","url_meta":{"origin":546942,"position":5},"title":"Swvl to enter Chile, Argentina with Viapool acquisition","author":"enterpriseam admin","date":"17 November 2021","format":false,"excerpt":"Homegrown mass transport startup Swvl will enter Latin America for the first time with the acquisition of a controlling stake in transit company Viapool, which operates in Argentina and Chile, according to a company statement yesterday. The transaction values Viapool at around USD 10 mn, a source familiar with the\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/488.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546942","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=546942"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546942\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546924"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/546943"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546942"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546942"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546942"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}