Four young scientists, accompanied by Eskom Expo’s Business Manager, Mmamoloko Rancia Riba, won their place to represent the country at the Indonesia competition, renowned…
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.
Read more: Egypt’s Swvl raises $42-million on a reported $156m valuation [Updated]
Read more: Egypt’s Swvl closes BECO Capital led Series-B round in the ‘tens of millions’
Read more: Are these the 10 biggest disclosed African tech startup deals of 2018? [Updated]
Featured image: Mahmoud Nouh (Facebook)
