SWVL Holdings Corp has signed a definitive agreement to acquire Urbvan Mobility, a Mexico-based shared mobility platform that provides tech-enabled transportation services and solutions.
SWVL Holdings Corp is a global tech startup led by Egyptian tech tycoon Mostafa Kandil.
The scheme arrangement comes nearly three months after the Egyptian startup agreed to acquire for $40 million Volt Lines, a Turkish B2B transport mobility platform.
This is the company’s fourth transaction this year as it seeks to expand its footprint through strategic acquisitions in order to become a global technology group.
According to management, the deal, which is expected to close in the third quarter of 2022, will provide an excellent opportunity to accelerate Swvl’s mission of providing safer, faster, smarter, and more affordable mass transportation services, as well as create substantial value for shareholders in a variety of ways.
Swvl Founder and CEO Mostafa Kandil commented on the transaction, stating: “Urbvan was founded on the same principles as Swvl: to address the inefficiencies found in traditional mass transit in many parts of the world.”
He added that the acquisition strengthens Swvl’s position as a leading provider of safer and more reliable mobility solutions by leveraging Urbvan’s significant footprint in Mexico, an impressive suite of Transport as a Service (TaaS) offerings, and strong relationships with local government players.
Urbvan Co-Founder and Co-CEO Renato Picard stated that Swvl and Urbvan share a vision to redesign mass transit to make it safer for everyone, regardless of gender or social class, and that the transaction allows Urbvan to leverage Swvl’s global offerings to scale the platform both within the region and beyond.
Swvl is a global provider of transformative tech-enabled mass transit solutions provider, operating in more than 135 cities across 20 countries, providing intercity, intracity, B2B, and B2G transportation.
Under Kandil’s leadership, Swvl’s gross revenue and markets have grown rapidly over time, with more than 1.4 million riders booking more than 46 million rides with thousands of drivers on its platform to date.
Nearly five months ago, the technology company raised an additional $21.5 million in private investment in public equity from new investors, including the European Bank for Reconstruction and Development.