At the G7 Summit, SWVL Holdings Corp, a multinational mobility as a service provider led by Egyptian tech tycoon Mostafa Kandil, partnered with the German government to power fully electric on-demand shuttles for 2,500 media representatives.
The UAE-based company disclosed that door2door, the mobility platform it acquired in March, introduced a new concept of fully electric on-demand shuttles, which were used to transport media representatives during the G7 Summit in Elmau, Germany.
The new concept, which was preceded by analyses, planning, and simulations, as well as the development of flexible charging infrastructure, is consistent with efforts to ensure the highest level of sustainability while maintaining safety and security.
CEO of door2door Maxim Nohroudi commented on the recent development, stating:, “Sustainable on-demand shared mobility with a fleet of electric shuttles is the foundation of our new concept.”
He went on to say that the new mobility concept demonstrates “Made in Germany” innovation, and that this highlights the firm’s ability to provide reliable and modern mobility solutions, even for complex use cases like an international summit with the highest requirements.
Swvl is a global provider of transformative tech-enabled mass transit solutions with operations in more than 135 cities across 20 countries, offering intercity, intracity, B2B, and B2G transportation.
Under Kandil’s leadership, its gross revenue and markets have grown rapidly over time, with more than 1.4 million riders bookingover 46 million rides with thousands of drivers on its platform to date.
Swvl acquired door2door, a Germany-based high-growth mobility platform, earlier this year. The acquisition was followed by several deals, including the acquisitions of Shotl, Viapool, and VoltLines, as it continues to expand its footprint through strategic acquisitions as part of its move to become a global technology group.
Nearly two days ago, the multinational mobility as a service provider signed a definitive agreement to acquire Urbvan Mobility, a Mexico-based shared mobility platform that offers tech-enabled transportation services and solutions.
The transaction, which is expected to close in the third quarter of 2022, will provide an excellent opportunity for Swvl to accelerate its mission of providing safer, faster, smarter, and more affordable mass transportation services, as well as create significant value for shareholders in a variety of ways.
Swvl’s shares on the tech-heavy Nasdaq were trading at $2.88 per share as of press time on July 15, 10-percent lower than its opening on the bourse this morning, pushing its market capitalization below $350 million.