Skift Take

Swvl is a tech-driven transportation service that uses fixed schedules and locations for pickups. Given how chaotic commutes can be in many cities worldwide, it's understandable why investors like it.

Egyptian transport start-up Swvl said on Wednesday it was combining with U.S. special purpose acquisition company Queen’s Gambit Growth Capital in a merger that would allow the company to list on the Nasdaq stock exchange.

The company, which moved headquarters to Dubai in late 2019, describes itself as the first $1.5 billion unicorn from the Middle East to list on the exchange, where it will have the ticker symbol SWVL.

Swvl, which operates buses along fixed routes and allows customers to reserve and pay for them using an app and operates in 10 countries including Egypt, Kenya, and Pakistan, will have a fully diluted equity value of $1.5 billion upon completion of the transaction, it said.

The transaction will provide $445 million in proceeds to the company which it will use to expand to 20 countries by 2025, it said.

(Reporting by Ehab Farouk, writing by Nafisa Eltahir; editing by David Evans)

Copyright (2021) Thomson Reuters. Click for restrictions

This article was from Reuters and was legally licensed through the Industry Dive publisher network. Please direct all licensing questions to [email protected].

smartphone

The Daily Newsletter

Our daily coverage of the global travel industry. Written by editors and analysts from across Skift’s brands.

Have a confidential tip for Skift? Get in touch

Tags: egypt, mergers and acquisitions, mobile apps, mobility, spacs, startups

Photo credit: An example of a SWVL vehicle. SWVL

Up Next

Loading next stories