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Ansh Kadam
Founder & CEO at Bui...ย โขย 8m
This Uber for buses went from a $1.5 billion valuation to losing 95% of its value, but somehow the founder managed to turn it around. When Mostafa Kandil was a university student in Cairo, he noticed the poor state of public transport and saw an opportunity. So in 2017, he launched SWVL with his friends Ahmed and Mahmoud. The app allowed users to book seats on private buses running fixed routes. SWVL faced multiple challenges like regulatory hurdles and competition from informal transit. But they persevered, refining their technology and expanding to new cities. Within 2 years, the company raised almost $100 million from investors, and in 2019, SWVL moved its headquarters to Dubai to speed up global expansion. By 2021, it operated in multiple countries across Africa, Asia, and Latin America. The company went public, becoming the Middle Eastโs first unicorn to be listed on NASDAQ with a $1.5 billion valuation. Then COVID hit, and people stopped traveling. At the same time, rising costs and falling currency values in key locations like Egypt made it hard for the company to stay profitable. SWVLโs share price plummeted over 95%, bringing its market value down to just $75 million. So SWVL made tough decisions, laying off hundreds of employees and exiting several markets like Pakistan. Mostafa shifted focus to B2B services and its most profitable regions. This paid off, and in 2023, SWVL made a $3.1 million net profit. The company is now expanding again in the GCC. The lesson? Business growth isnโt just about expansion, itโs about survival, adaptability, and knowing when to pivot. Hereโs what you can apply to your own business: โ Focus on your most profitable customers and services, especially in tough times. โ Be prepared to make hard decisions, cutting costs early can save your company. โ Donโt just rely on one revenue stream. Diversifying can be the key to resilience. Want more real-world insights on business, startups, and growth? Subscribe to our newsletter through the link in the comments!
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