SWVL EXPANDS INTO EUROPE, LATAM AND APAC VIA ACQUISITION OF MASS TRANSIT SAAS PLATFORM SHOTL

NEW YORK, NY and DUBAI –gulfteh – Swvl Inc. (“Swvl” or the “Company”), a Dubai-based provider of transformative mass transit and shared mobility solutions, today announced a definitive agreement to acquire a controlling interest in Shotl, a mass transit platform that partners with municipalities and corporations to provide on-demand bus and van services across Europe, LATAM and APAC – optimizing public transport systems and decreasing dependence on costly private options. Central to both companies’ missions is the belief that providing accessible and equitable mobility solutions is a gateway to social and economic empowerment through access to better jobs, healthcare and education.

With a presence across 22 cities in 10 countries including Brazil, Japan and pan-European footprint[1], over 350,000 bookings to date, more than 10% market share in Europe and rapid adoption, Shotl is solving challenges posed by transportation voids in suburbs, cities and campuses with an on-demand platform that is simple to use, flexible, and sustainable. Shotl partners with governments, municipalities and companies to reach populations living or working in low-density areas that are largely underserved by existing mass transit and ride sharing options, including senior citizens, and people with reduced mobility, who often lack equitable access to transportation. Shotl will now be able to leverage Swvl’s proprietary technologies to further optimize routes and maximize vehicle load, all the while reducing traffic congestion.

“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,” said Mostafa Kandil, Swvl Founder and CEO. “Shotl’s vision for the future of mobility, with an emphasis on electrification, the reduction of congestion and emissions, and affordability – is exactly what Swvl has already achieved in ten emerging market megacities and the reinvented model for public transit systems across the world. 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.”

Transaction Highlights

Based in Barcelona and present across 20 cities in 8 countries in Europe including Spain, Germany, France, UK, Italy, Switzerland, Portugal and Finland, Shotl will serve as Swvl’s European hub and platform for further significant expansion.

Shotl’s on-demand SaaS platform complements Swvl’s pre-scheduled dynamic routing and TaaS offering.

Addition of Shotl to the Swvl portfolio creates a strong foothold in Europe, a full year ahead of Swvl’s expansion projections – and more than doubles Swvl’s geographic footprint with the addition of 22 cities across 10 countries taking the total Swvl portfolio to 32 cities in 16 countries.

Brings strong, existing relationships with industry-leading OEMs.

Blue-chip municipalities and corporates client base including Barcelona City Council, Munich Airport and Rimini City Council.

Demand-response transit (DRT) capabilities enhance the Swvl platform by allowing transit providers to cut costs and emissions while controlling compliance with COVID-19 measures, making it the ideal method for the transition to sustainable mobility leveraging electrification and alternative power.

Swvl to leverage Shotl’s instant KPI measurements for continuous experience enhancement, while providing data-driven insights to municipalities, transport companies, mobility planners and consulting firms for sustainable and modernized transportation planning.

Shotl provides Swvl with predictable, flexible and highly localized routes in European markets, enabling electrified van fleets to plan charging stops better than private car platforms, making it easier for public transit to comply with new energy mandates around the world.

Provides Swvl with a compelling entry point into autonomous driving projects, primarily through Shotl’s participation in programs such as the FABULOS program, a project led by the European Commission with the goal of demonstrating the impact of self-driving minibuses on future public transport networks.

Entry into Brazil more than 6 months ahead of schedule with a roadmap to complement Shotl’s SaaS offering with a full consumer offering.

Expansion into APAC is upside to the current business plan reinforcing Swvl’s access to significant value creation opportunities beyond its current financial projections.

“We are very pleased to be joining the Swvl team, working in concert to realize our shared vision of building more equitable and accessible mass transit systems worldwide,” said Gerard Martret, CEO and co-founder of Shotl. “In just a few years, Swvl has established itself as a market leader, with rapid growth and unparalleled tech-enabled offerings. Swvl is ideally situated for expansion into European markets and will immediately capitalize on our local partnerships and brand value. As a company that has made significant strides in advancing sustainable mass transit over the past several years, we are confident that Shotl’s market-leading technology and expertise will greatly contribute to the Swvl platform, advancing our mission to provide superior transportation alternatives for all.”

“We are very excited to welcome Shotl to the Swvl family as our first acquisition and new market expansion after entering a definitive agreement for a business combination with Queen’s Gambit Growth Capital only a couple of weeks ago,” said Youssef Salem, Swvl CFO. “This partnership reinforces Swvl’s role as the leading mass transit technology platform globally. Our vision is to back local and regional champions in the space to achieve our mission of delivering safe, reliable and affordable mass transit to the entire globe. Shotl brings significant value to this ecosystem with its pan-European, LATAM and APAC presence, on-demand SaaS technology, B2G and OEM relationships and electrification and autonomous initiatives. With this partnership putting us significantly ahead of plan in these areas, we will continue to rapidly pursue strategic initiatives to further enhance shareholder value.”

The transaction is expected to close in the fourth calendar quarter of 2021, subject to customary closing conditions.