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.
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.