Swvl partners various Egyptian banks to fund the provision of 14-passenger vehicles

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 head of city trips, Ahmed El-Demerdash, said the company has achieved an agreement with Nasser Social Bank to finance passenger vehicles of various brands and models in the Egyptian market…

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Bus-hailing startup SWVL raises US$35m pre-funding to accelerate its expansion

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 the subscription. Swvl has set a goal of generating US$1 billion in yearly gross revenue and expanding to more than 30 cities in more than 20 countries by 2025. According…

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Bus-hailing startup Swvl acquire controlling stake in mass transit platform Shotl

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 10% market share in Europe, and rapid adoption, Shotl is addressing challenges posed by transportation voids in suburbs, cities, and campuses. Shotl works with governments, towns, and businesses to reach…

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Concordium, SWVL partner to enhance semi-private mass transit solution

EGYPT – Concordium, a leading blockchain technology company, and Swvl, Inc., a provider of mass transit and shared mobility solutions, have announced a strategic agreement to construct revolutionary next generation mass transport systems for the first time. Concordium will provide a blockchain-based technological platform with the goal of improving Swvl’s customers’ mass transit travel experience. The platform is designed to aid in the resolution of the highly complex logistical difficulties inherent in mass transportation, while also boosting Swvl’s efforts toward decarbonization and smart, green mobility. “Mass transit systems are inherently…

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Mobility company Swvl plans to go public in US$1.5bn merger with Gambit Growth Capital

EGYPT – Dubai-based mobility company Swvl has announced plans to go public through a reverse merger with Queen’s Gambit Growth Capital, a special purpose acquisition company (SPAC). Queen’s Gambit Growth Capital was created earlier this year by a team of female executives (which claims to be the first women-led SPAC). Its CEO Victoria Grace is the founder of New York-based VC fund Colle Capital. The two companies have entered into a definitive agreement for a business combination that would result in Swvl becoming a publicly listed company on NASDAQ after…

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Bus hailing startup SWVL expands its operations to Saudi Arabia

EGYPT – SWVL, an Egyptian bus-hailing startup, has launched its operations in Riyadh, Saudi Arabia, its fourth market since it was founded in 2017. The startup is already present in Kenya, Pakistan as well as Egypt. In Riyadh, Saudi Arabia’s capital and main financial hub with a population of close to 8 million, Swvl will join forces with other competitors including Uber, Careem, My Taxi, Jahz and Taxi Watani, among others. In 2018, the Saudi Arabia’s Public Transport Authority (PTA) said there were 20 ride-hailing applications already licensed to run…

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SWVL appoints ex-Uber boss Dip Patel to head Kenyan operations

KENYA – SWVL, a bus transportation network company, has appointed former Uber Kenya Country Manager Dip Patel to lead its local operations, tapping into his experience in the segment. Dip takes over ranks from Sivachi Muleji who resigned from the role at the end of January having served on the top seat since May 2019. Mr Patel joins the company at a time it is locked in licensing row with the transport regulation in a spat that has threated to derail SWVL Kenya operations. The firm says it will tap…

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Ride hailing app SWVL to expands it services to upcountry counties of Kenya

KENYA – SWVL, a digital app bus transportation network company is now seeking upcountry rides in a revamp of strategy which leverages on the company’s presence in the Nairobi Central Business District, reports The Citizen. Bus-hailing service SWVL has set its sights on operations between Nairobi and other towns even as the firm remains embroiled in a spiky regulatory hurdle. While the firm had previously hinted at setting up operations in other cities and towns, the Egypt-based digital app is now seeking upcountry rides in a revamp of strategy which…

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SWVL Plans to expand its services to other cities in Africa

AFRICA – SWVL, Egyptian start-up app-based shuttle service. plans to focus its expansion to other cities in Africa, including Lagos and Johannesburg, reports Kenyan Wall Street. The bus hailing company will use Nairobi as a launchpad to extend to other cities in Africa. This will allow the company to provide reliable, convenient, and affordable public transport across the continent. SWVL plans to launch base in Lagos before the end of the year. Later, the bus-hailing app will reach other cities like Johannesburg, Abidjan, Dar es Salaam, and Addis Ababa. In…

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Ride hailing firm SWVL to invest $15m in its Kenyan operations

KENYA – Egyptian ride hailing firm, SWVL has unveiled plans of investing US$15 million in improving its current operations and scaling up the business into new routes across Kenya. The firm which entered the country in January this year with four routes on a pilot basis, has so far built a network of 150 buses running along 55 routes with numerous pick-up and drop-off points. The move to increase their investment and the routes they operate in is seen as a step further to consolidating its presence in the market…

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