Industry
Swvl fills the gap in public transport. Photo Swvl
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EGYPT/TURKEY. Swvl, an Egyptian provider of public transport solutions, is buying its Turkish counterpart Volt Lines. The acquisition, valued at $40m, will give Swvl a foothold in the Turkish market and strengthen its positions in several European countries. According to Swvl, Volt Lines represents an additional $4.3m in revenue and provides access to major accounts such as Pirelli, CMA-CGM and Axa.
Created in 2018, Volt Lines is particularly present in Istanbul and Ankara. It offers companies its network of shared buses, particularly for home-to-work trips with direct routes and flexible departure times. "The founder and CEO of Volt Lines, Ali Halabi, will remain at the head of the Turkish company," the press release said. "Volt Lines plans to build a dedicated technology and R&D centre to support existing global centres in Spain, Germany, Egypt and Pakistan.
This is Swvl's fourth acquisition in less than six months, after raising $21.5m. The Dubai-based Egyptian start-up, already present in eighteen countries, has acquired Sholt in Spain. This on-demand bus platform claims a 10% market share in Europe. It has also taken control of Viapool (Argentina/Chile) and is finalising the acquisition of Door2door (Germany).
Founded in 2017, Swvl is no longer a start-up but a unicorn, and even the first Middle Eastern company listed on the Nasdaq, with a market capitalisation of over $1.5 billion. The company first capitalized on the need for public transport in Africa (Egypt and initially). It mainly offers van and bus sharing, but also regular routes over short and long distances and services to companies.
Created in 2018, Volt Lines is particularly present in Istanbul and Ankara. It offers companies its network of shared buses, particularly for home-to-work trips with direct routes and flexible departure times. "The founder and CEO of Volt Lines, Ali Halabi, will remain at the head of the Turkish company," the press release said. "Volt Lines plans to build a dedicated technology and R&D centre to support existing global centres in Spain, Germany, Egypt and Pakistan.
This is Swvl's fourth acquisition in less than six months, after raising $21.5m. The Dubai-based Egyptian start-up, already present in eighteen countries, has acquired Sholt in Spain. This on-demand bus platform claims a 10% market share in Europe. It has also taken control of Viapool (Argentina/Chile) and is finalising the acquisition of Door2door (Germany).
Founded in 2017, Swvl is no longer a start-up but a unicorn, and even the first Middle Eastern company listed on the Nasdaq, with a market capitalisation of over $1.5 billion. The company first capitalized on the need for public transport in Africa (Egypt and initially). It mainly offers van and bus sharing, but also regular routes over short and long distances and services to companies.
