Inspiring Sustainable Business in Africa
EGYPT – Swvl, shared mobility services provider, has signed a definitive agreement with a US institutional investor for the purchase and sale of more than 12.1 million of its shares as well as securities for a total of nearly US$20 million. The series A warrants and series B warrants have been offered at a combined purchase price of US$1.65 per…
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EGYPT – Swvl, a provider of tech-enabled mass transit solutions, has announced the acquisition of Mexico-based Urbvan Mobility Ltd, a shared mobility platform that provides tech-enabled transportation services to Latin America’s second biggest country by population. Urbvan provides technology-enabled transportation services with the goal of improving both the quality of life and the safety standards of bus travel over long…
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KENYA – SWVL has announced it is pausing two of the services it offers in the Kenyan market. These are SWVL daily and SWVL travel. The daily option is for buses that ply Nairobi city and its suburbs while the travel option is for long-distance travel across the country. The company which went public last year has had a tough…
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EGYPT – Egypt-based ride-sharing start-up, Swvl has agreed to acquire the Turkish transportation-as-a-service mobility business Volt Lines, as it expands further in Europe. The acquisition, which will see Volt Lines’ team hired by Swvl, is expected to close in the second quarter of 2022. The deal, valued at around US$40 million, gives Swvl access both to Volt Lines’ tech as…
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EGYPT – Mass transit and shared mobility provider, Swvl has officially been listed on the NASDAQ stock market in the New York stock exchange with an initial offer price of US$9.95 per share. The listing follows approval of a merger with special purpose acquisition company (Spac) Queen’s Gambit Growth Capital, the first blank-cheque company led entirely by women, at a…
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MENA – Egypt’s on-demand bus-hailing company Swvl has partnered with African fintech mobility startup Moove to scale Moove’s revenue-based vehicle financing model across the MENAP (Middle East, North Africa, and Pakistan) region. The partnership follows Moove’s recent US$105 million series A2 round and will also see the two expand vehicle classes to include electric buses. Starting with an initial rollout…
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EGYPT – Egyptian mobility company Swvl has raised an additional US$21.5 million in private investment in public equity (PIPE) deal as part of its proposed business combination with Queen’s Gambit, ahead of its future listing on the Nasdaq exchange. The last PIPE funding was participated in by new investors including the European Bank for Reconstruction and Development (EBRD). The funding…
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EGYPT – Swvl, an Egyptian ridehailing startup, has announced a partnership with various Egyptian banks to fund the provision of 14-passenger vehicles to independent drivers working on Swvl’s unfixed transportation routes. This would help young people earn more money while also supporting the state’s efforts in this area. It will also help the transportation sector, which is expanding rapidly. Swvl’s…
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EGYPT – Swvl, an Egyptian bus-hailing startup, has achieved pre-funding of the total PIPE subscription of US$35.5 million, to accelerate Swvl’s expansion and increase its investment in its patented technological platform. The purchase has been pre-funded by a number of investors, including Agility and Chimera Abu Dhabi. Swvl’s proposed business merger with Queens Gambit Growth Capital is the reason for…
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EGYPT – Swvl, an Egyptian bus-hailing startup, has acquired a controlling stake in Shotl, a Spanish mass transit platform that partners with municipalities and corporations to provide on-demand bus and van services across Europe, LATAM, and APAC. With a presence in 22 cities across 10 countries, including Brazil, Japan, and a pan-European footprint1, over 350,000 bookings to date, more than…
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