Swvl co-founder Mahmoud Nouh resigns from Egyptian startup

Mahmoud Nouh, the co-founder and COO of Cairo-based transportation service Swvl, has resigned from the company and its board.

Tech publication Menabytes, citing a statement from the Egyptian startup, reported in an article yesterday that Nouh was leaving to pursue “new personal goals”.

Swvl hinted that Nouh is working on a startup. Ventureburn sought comment from Nouh today but had not received response by time of publication.

Swvl was founded in 2017 by Nouh together with Mostafa Kandil and Ahmed Sabbah

Swvl was founded in 2017 by Nouh, Mostafa Kandil and Ahmed Sabbah. The company opera­tes buses along fixed routes and allows customers to reserve and pay for trips using its app.

Outside of Egypt, the startup has operations in Kenya and Pakistan.

In June the startup raised $42-million based on a valuation of an over $156.8-million (see this story).

Reuters reported in an article in September that Swvl’s three founders own more than 30% of the company. It is not clear whether Nouh will retain his equity in the startup.

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Featured image: Mahmoud Nouh (Facebook)