Swvl Holdings has announced the signing of an agreement to purchase Volt Lines, a Turkey-based B2B and mobility-as-a-service company. The transaction’s financial specifics were not disclosed. Swvl’s tech-enabled mobility solutions will be strengthened as a result of the acquisition, which also brings in over 110 enterprise customers, including Mondelez, Axa Insurance, Pirelli, CMA-CGM, MetLife, and ICBC.
Volt Lines anticipates a 127 percent revenue CAGR since its inception in 2018. Based on Q1 2022 statistics, Swvl will gain around $4.3M in annualised sales. The transaction is expected to close in the second quarter of 2022. SWVL stock is down 12% in pre-market trading.
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“We are confident our solutions will meaningfully contribute to the Swvl platform, and together we will be able to deliver superior transportation alternatives for commuters around the world. We’re also excited about scaling our R&D center in Istanbul into a global technology hub, giving Swvl a reliable access to Turkey’s technical talent,” said Volt Lines Founder and CEO Ali Halabi.
A Look At What SWVL Does
Swvl is a global provider of transformative tech-enabled mass transit solutions, offering intercity, intracity, B2B and B2G transportation. Swvl’s platform provides semi-private alternatives to public transportation for individuals who cannot access or afford private options. Every day, Swvl’s parallel mass transit systems are empowering individuals to go where they want, when they want — making mobility safer, more efficient, accessible and environmentally friendly. Customers can book their rides on an easy-to-use proprietary app with varied payment options and 24 / 7 access to high-quality private buses and vans that operate according to fixed routes, stations, times, and prices.
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Swvl was co-founded by Mostafa Kandil, who began his career at Rocket Internet, where he launched the car sales platform Carmudi in the Philippines, which became the largest car classifieds company in the country in just six months. He then served as Rocket Internet’s Head of Operations. In 2016, Kandil joined Careem, a ride-sharing company and the first unicorn in the Middle East. He supported the platform’s expansion into multiple new markets. Careem is now a subsidiary of Uber, based in Dubai, with operations across 100 cities and 15 countries.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh