Mostafa Kandil on public transportation

About Mostafa Kandil

Mostafa Kandil, CEO and founder of Swvl, has been speaking publicly about his entrepreneurial journey and the company's evolution. In a series of interviews, he described the early days of Swvl, stating that he and his co-founders started with 400,000 Egyptian pounds (approximately $25,000) and lived and worked in a small apartment. He recounted a period after the company's Nasdaq listing when he said he went from being considered a billionaire to being in debt, living with his mother and receiving an allowance from her. He stated that he never sold any of his Swvl shares. Kandil also discussed a competitive situation with Careem, describing an intense period where he felt the company's survival was at stake, and said Swvl ultimately achieved a 95-99% market share in that segment. Regarding Swvl's current operations, Kandil stated that the company is profitable in the Middle East and that its unit economics are positive. He attributed the company's shift in focus from rapid expansion to profitability to the Russian-Ukrainian war and rising interest rates in the U.S., which affected the stock market. He said Swvl is currently focused on generating more profit rather than raising new funding. In a separate panel discussion on electric vehicles, Kandil argued that policy frameworks and investment in charging infrastructure and smart grids are crucial for EV adoption, and suggested that building codes should mandate charging infrastructure in new developments.

Profile compiled from Mostafa Kandil's verified public interviews and appearances. See all quotes & transcripts →