New post Need visibility? Apply for a FREE post for your Startup.  Apply Here


Egyptian Ride-sharing Startup – Swvl – to Merge with US-Based Queen’s Gambit; Plans to List on NASDAQ

2 Mins read

Egyptian transport start-up Swvl has announced that it would be going into a merger with US-based acquisition company, Queen’s Gambit Growth Capital.

Upon completion of the merger Swvl would be able to proceed with its plan to be listed on the Nasdaq stock exchange. The combined public company would be named Swvl Holdings Corp, and is expected to be listed on NASDAQ under the ticker symbol “SWVL.”

Swvl, with a $1.5 billion valuation, prides itself as the first unicorn from the Middle East to list on the exchange, where it will have the ticker symbol SWVL.

Speaking on the company’s planned merger and IPO, Swvl founder, Mostafa Kandil said:

“We have succeeded in executing our business plan in some of the most challenging emerging markets, where inefficiencies in infrastructure and related mass transit systems represent a universal problem, and have now reached a critical inflection point where we are ready to share our expertise and technology with the rest of the world.”

While also commenting on the development, Victoria Grace, Queen’s Gambit founder and chief executive officer (CEO), explained thus:

“When forming Queen’s Gambit, I was squarely focused on assembling a team of highly successful and strategically-minded women with unparalleled global relationships, to identify and then grow a disruptive platform that solves complex challenges and empowers underserved populations. In Swvl, we have found each of those things and more. Having established a leadership position in key emerging markets, we believe Swvl is ready to capitalise on a truly global market opportunity. We look forward to working with their team to create significant and sustained value for investors and all stakeholders alike.”

The Egyptian transport company, which was founded in 2017 by Mostafa Kandil, enable riders heading in the same direction to share a ride in a van or bus.

The startup, which moved its headquarters to Dubai in late 2019, provides mobility solutions that is helping to solve mass transit supply and demand challenges in emerging markets.

Read more: Ivorian-based Fintech Startup – Julaya – Raises US$2m in Pre-series A Funding Round

With around US$170m funding raised, including US$42m raised in its Series B-2 fundraising round, Swvl ranks among one of the best-funded startups in Africa.

Swvl currently operates bus routes in 10 countries, including Egypt, Kenya, Pakistan, the United Arab Emirates (UAE), Saudi Arabia and Jordan.

The fast-growing company has more than 1.4 million riders around its operational cities, with more than 46 million rides booked, and thousands of drivers on its platform.

632 posts

About author
When I'm not reading about tech, I'm writing about it, or thinking about the next weird food combinations to try. I do all these with my headphones plugged in, and a sticky note on my computer with the words: "The galaxy needs saving, Star Lord."
Related posts

WhatsApp Rolls Out Companion Mode to iOS Users, Enabling Multi-Device Connectivity

2 Mins read
WhatsApp, the popular messaging platform, has commenced the rollout of Companion Mode for iOS users, bringing multi-device connectivity to the platform. The…

Twitter Tests "Community Notes for Media" Feature to Address Misleading AI-generated Content

2 Mins read
As the prevalence of AI-generated images and videos grows on social media platforms like Twitter, the need to combat misleading and manipulated…
ArticleBig StoryNews

WhatsApp Begins Beta Testing Screen Sharing Feature for Video Calls

2 Mins read
WhatsApp, one of the leading messaging apps, is set to revolutionize communication with its latest update. The platform is rolling out a…
Get powered up with Techpadi Newsletter

Be the first to know what's happening in the African tech space

Leave a Reply