Swvl is a mass-transit system founded by Mostafa Kandil in 2017 that allows users travelling in the same direction to share a van or bus journey. The company’s patented mobility solutions are assisting in the resolution of mass transit supply and demand issues in emerging economies, providing dependable, convenient, safe, and cheap transportation to underserved populations.
With an estimated US $170 million in funding, including a US $42 million Series B-2 round in 2019, the business is presently operational in ten locations throughout Egypt, Kenya, Pakistan, the United Arab Emirates (UAE), Saudi Arabia, and Jordan. Swvl’s total income and market share have exploded, with over 1.4 million users booking over 46 million trips on its platform and thousands of drivers.
Swvl has recently signed a final deal to merge with Queen’s Gambit Growth Capital, the first SPAC headed by a woman, resulting in Swvl becoming a publicly traded firm. The merged public company will be known as Swvl Holdings Corp and will be listed on NASDAQ under the ticker code “SWVL” with a valuation of about US$1.5 billion when the planned deal is completed.
“We have succeeded in executing our business plan in some of the most challenging emerging markets, where inefficiencies in infrastructure and related mass transit systems represent a universal problem and have now reached a critical inflection point where we are ready to share our expertise and technology with the rest of the world,” Kandil said.
“Queen’s Gambit is an ideal partner, who shares our core values and is committed to helping accelerate Swvl’s long-term growth plans. With their partnership, as a public company, we will expand our daily commuting offerings and enterprise TaaS services that remove barriers to seamless mobility for the populations that need it most. In doing so, we will create even greater value for all stakeholders and continue innovating best-in-class technology solutions that improve the universal, daily struggle of mobility for so many.”
In the Queen’s Gambit and merged companies, Agility, a leader in the global supply chain, operates in several important markets of Swvl, as well as Zain, a major provider of mobile voice and data services and with around 50 million active users on many of Swvl’s markets.
“When forming Queen’s Gambit, I was squarely focused on assembling a team of highly successful and strategically-minded women with unparalleled global relationships, to identify and then grow a disruptive platform that solves complex challenges and empowers underserved populations. In Swvl, we have found each of those things and more. Having established a leadership position in key emerging markets, we believe Swvl is ready to capitalise on a truly global market opportunity. We look forward to working with their team to create significant and sustained value for investors and all stakeholders alike,” said Victoria Grace, Queen’s Gambit founder and chief executive officer (CEO).
