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RIYADH: Middle East-based transport start-up Swvl has signed a definitive agreement to acquire UK smart bus platform and technology scale-up Zeelo.
This transaction provides Swvl, which has locations in Dubai and Cairo, with a launchpad to land and expand business operations in developed markets including the UK, South Africa and the US, according to a company statement.
“Swvl and Zeelo share a vision and mission to provide reliable transportation that gets riders where they need to go in an affordable, safe, and environmentally-friendly manner,” Swvl founder and CEO, Mostafa Kandil, said.
“With an impressive suite of turnkey TaaS (Transportation as a Service) and SaaS (Software as a Service) solutions and an established footprint in the UK, South Africa, and the US, Zeelo rapidly advances our leading market position as a provider of technology-enabled mass transit solutions on a global scale,” he said.
The transaction is expected to be completed in May 2022, and Zeelo founder and CEO Sam Ryan said: “Bus transport done well with tech can take us beyond our dependency on cars and taxis which are not suitable for commutes from non-urban areas.”
“We look forward to bringing Swvl insights from Zeelo’s strategic pivot during the global pandemic and we’ve been impressed by Swvl’s fast growth in challenging markets,” he added.
Zeelo employs more than 160 staff across the globe, is an asset-light technology company that modernizes daily bus commutes for frontline workers and students through B2B contracts with organizations and family-run bus operator networks.
Swvl recently acquired Viapool and Shotl, and announced acquisitions of Volt Lines and door2door.
Swvl acquires Turkish transportation service Volt Lines in $40m dealSwvl gets $165m from combining business with Queen’s Gambit Growth Capital
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