UAE - Mubasher: Dubai-based Swvl has entered into a definitive agreement to acquire a controlling interest in the Barcelona-based Shotl, an Uber-like mass transit platform that partners with municipalities and corporations to provide on-demand bus and van services.
Swvl, a semi-private alternative to public transportation founded in Egypt in 2017, already operates in 10 cities across six countries.
Meanwhile, Shotl operates in 22 cities in 10 countries including Brazil, Japan, and the pan-European region. With over 350,000 bookings to date, it has a market share exceeding 10% in Europe, and it will serve as Swvl's hub in the continent.
Commenting on the deal, Mostafa Kandil, Swvl Founder and CEO, said in a statement that “With Shotl’s strategic relationships, rapidly growing user base and deep knowledge of its market landscapes, Swvl is meaningfully expanding its core markets, in line with our publicly stated growth objectives.”
“Our two companies share the view that there is an urgent need to transform traditional public transportation to make it more accessible, convenient, and sustainable," Kandil explained.
Swvl did not disclose the financial terms of the deal.
In July, Swvl and Nasdaq-listed Queen's Gambit Growth Capital have entered into a definitive agreement for a business combination, which will result in Swvl being listed on Nasdaq.
