The Record · No. 021
Mostafa Kandil
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Swvl · Mobility
He listed a Cairo-born bus-booking platform on Nasdaq at a $1.5B valuation, then rebuilt it around B2B and government transport contracts to reach its first annual profit in 2025.
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Mostafa
Kandil
Kandil
He listed a Cairo-born bus-booking platform on Nasdaq at a $1.5B valuation, then rebuilt it around B2B and government transport contracts to reach its first annual profit in 2025.
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Dubai of TomorrowNo. 021
Swvl
Founded2017 · Dubai
Raised$1.5B SPAC valuation, 2022
2025 revenue$24.2M, up 41%
Compounding moves
2017 · Founded in Cairo as a bus-hailing service
2019 · Moved headquarters to Dubai
2022 · Listed on Nasdaq via SPAC merger with Queen's Gambit at a roughly $1.5B valuation
2026 · Reported first annual profit, $1.3M for 2025, while working to cure a Nasdaq delisting notice
2019 · Moved headquarters to Dubai
2022 · Listed on Nasdaq via SPAC merger with Queen's Gambit at a roughly $1.5B valuation
2026 · Reported first annual profit, $1.3M for 2025, while working to cure a Nasdaq delisting notice
Backed byBECO Capital, VNV Global, Queen's Gambit Growth Capital
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Verified July 10, 2026. Every version of this record is hashed and timestamped to Bitcoin. Inspect the proof chain.
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