Egyptian ride-hailing startup Swvl is set to become the first unicorn in the Middle East and North Africa to be listed on Nasdaq.
According to the information gathered by Billionaires.Africa, the ride-hailing startup worth around $1.5 billion will offer 35 percent of its shares on Nasdaq through a merger with the U.S. SPAC Queen’s Gambit Growth Capital.
The IPO for the deal will take place by the end of January 2022.
Founded in Egypt in 2017 by Mostafa Kandil, Ahmed Sabbah and Mahmoud Noah, Swvl is a ride-hailing startup that provides a semi-private alternative to public transport for individuals who cannot afford or access private options. The company offers services such as bus-hailing, intercity rides, car ride-sharing and corporate services.
The company is headquartered in Dubai and has a strong presence in 10 countries across the Middle East and North Africa, including Saudi Arabia, Jordan, Pakistan and Egypt. It plans to expand to Latin America and Europe next year.
Data collected by Billionaires.Africa revealed that the company had raised $174.5 million from roughly 20 investors in more than seven funding rounds since its inception.
In November, the company disclosed that it had acquired the Argentine startup ViaPool for an undisclosed sum. The strategic move was made in furtherance of its expansion plans.
Meanwhile, Queen’s Gambit Growth Capital is a SPAC based in New York. Some of its services include venture funding, sustainable development, economic growth, share exchange and purchase services.
Led by veteran angel investor Victoria Grace, the firm has raised about $345 million to support startups focused on the healthcare, clean energy, and mobility sectors.
The ride-hailing startup will trade under the ticker, “Swvl.”