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Swvl’s total revenue and market have grown rapidly. So far, more than 1.4 million passengers have booked more than 46 million rides on Swvl’s platform, and there are thousands of drivers.
Swvl, a public transportation and shared mobility solution provider based in Dubai, and Queen’s Gambit Growth Capital, the first female-led special purpose acquisition company (Spac), announced that they have reached a final agreement on a business combination and become a public company in Swvl .
Swvl’s implied, fully diluted equity is valued at approximately US$1.5 billion, and is expected to be the first unicorn in the Middle East to be listed on the Nasdaq in New York with a value of more than US$1 billion, and the only company to be listed on any public company. Public transportation solutions company supported by the technology. Stock trading. The transaction is expected to be completed by the end of the fourth quarter of 2021.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said on Twitter on Wednesday: “The Dubai-based Swvl is the first company to be listed on the Nasdaq in the United States. The Middle East unicorn, valued at US$1.5 billion, was founded by 28-year-old entrepreneur Mostafa Kandil. Dubai’s influence on global start-ups demonstrates the vision and spirit of youth in the region to shape future businesses .”
After the proposed transaction is completed, the combined listed company will be named Swvl Holdings Corp. It is expected to be listed on the Nasdaq under the stock code “SWVL”.
The transaction will provide the combined listed company with a total income of approximately US$445 million, including a fully committed common stock PIPE of US$100 million led by strategic and financial investors such as Agility, Luxor Capital Group and Zain. The fund’s income will accelerate Swvl’s long-term growth strategy, with the goal of driving annual total revenue to exceed US$1 billion and expanding to 20 countries by 2025.
Mostafa Kandil, founder and CEO of Swvl, said: “The public transportation systems in cities all over the world are flawed, resulting in congestion, environmental problems, and reduced productivity. In some emerging market cities, The commute waiting time is usually more than 40 minutes. In a major city, more than 80% of women report that they have been harassed on public transportation. Even in developed markets, the social cost due to the lack of public transportation solutions can be Amazing. To solve these problems, we created Swvl with a simple but ambitious goal-to allow everyone to go where they want to go anytime, anywhere, and make them feel comfortable.”
This startup has become an industry leader in public transportation in 10 cities in Egypt, Kenya, Pakistan, UAE, Saudi Arabia and Jordan. Swvl’s total revenue and market have grown rapidly. So far, more than 1.4 million passengers have booked more than 46 million rides on Swvl’s platform, and there are thousands of drivers.
Victoria Grace, founder and CEO of Queen’s Gambit, said: “We believe that Swvl is ready to take advantage of truly global market opportunities. We look forward to working with their team to create important and sustainable value for investors and all stakeholders. We Will use the collective financial and operational expertise of the Queen’s Gambit platform to benefit Swvl and the communities it serves, and believe that this combination will become a catalyst for large-scale growth.”
Jasoor of Oman Technology Fund is a USD 30 million growth stage fund located in Muscat with investments in the Middle East and North Africa and Oman. It is an early investor supporting Swvl.
The fund’s venture capitalist Anurag Agarwal said: “We believe in the founder Mustafa. There were not many venture capitalists at the time. [venture capitalists] Willing to bet on this company. Today, we are very happy to see them grow and become the first startup company in the Middle East and North Africa to be listed on NASDAQ. Mustafa has been a pioneer from the beginning, and this result will help the region to have more IPOs in the next few years. “
— Sandhya@khaleejtimes.com
Sandia De Mello
reporter. period. My interests are economics, finance and information technology. Before joining Khaleej Times, I worked in some leading publications in India, including The Economic Times.
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