$15 million
initial investment expected to generate thousands of jobs and
self-employment opportunities over the next 3+ years and further
develop Swvl's R&D capabilities
Commitment builds on the acquisition of
Buenos Aires-based mass transit
platform Viapool, which has served the mobility industry for
11+ years, catering to >80 institutional clients, including
Unilever, Bayer, Mondelez, SAP, Nestle, Siemens, Carrefour, and
Stellantis
DUBAI, UAE, March 15,
2022 /PRNewswire/ -- Swvl Inc. ("Swvl" or the
"Company"), a global provider of transformative tech-enabled mass
transit solutions, and the government of Argentina today announced that Swvl will
become a significant foreign direct investor in Argentina to improve the reliability, safety
and demand responsiveness of mass transit systems across the
country. Swvl will make an initial $15
million investment, which will be used to generate jobs and
self-employment opportunities over the next three plus years and
further develop Swvl's research and development capabilities
through the creation of an engineering hub in Argentina. Additionally, Swvl intends to
collaborate with all interested parties to expand its B2C and B2B
operations across Argentina with
Swvl's proprietary technology.
This milestone builds on Swvl's previously announced acquisition
of a controlling interest in Viapool, a mass transit platform,
founded in Argentina, with a
unique first-mover advantage as the only provider of on-demand bus
hailing services in Buenos Aires,
Argentina and Santiago,
Chile, two high growth markets. Viapool, which will be fully
integrated with Swvl in short order, provides an ideally situated
hub from which the Company expects to generate additional expansion
opportunities across South
America. Viapool serves more than 80 corporate clients in
South America, while its fixed bus
routes reduce commute time by approximately 50 percent.
Mostafa Kandil, Swvl Founder
and CEO, said, "We are excited to strengthen our strategic
commitment to Argentina in
collaboration with the Argentinian government, with what we believe
is a compelling investment opportunity. Together, we will work to
significantly improve mass transit capabilities nationally while
creating employment opportunities. In each country and locality in
which Swvl operates, we strive to collaborate hand in hand with
governments to realize the maximum benefit for all stakeholders
involved, and we are confident that our platform, as well as the
daily benefits Argentinians will have on their day to day commutes,
will have a transformative positive impact in Argentina. We look forward to continuing our
collaboration with the Argentinian government at all levels and
other relevant stakeholders, including local transport operators
and their drivers, to further advance mobility solutions that make
daily commuting more accessible, safe, convenient and sustainable
for all citizens in Argentina."
Youssef Salem, Swvl CFO,
said, "With this multi-year financial commitment and our
acquisition of a controlling interest in Viapool, Swvl is
demonstrating its dedication to improving mobility across
Argentina. These investments and
collaborations further our mission to enable riders and drivers to
realize greater economic opportunities, our R&D capabilities
across multiple engineering hubs and our organic and inorganic
geographic expansion. Moving forward, we expect to deploy
additional capital and resources to further scale our operations
across South America, as the
region presents tremendous growth opportunities and attractive unit
economics."
Swvl's meeting today was with the following officials:
- Matías Kulfas, Minister of Productive Development;
- Santiago Cafiero, Minister of
Foreign Affairs;
- Daniel Filmus, Minister of
Science, Technology, and Innovation;
- Cecilia Todesca, Secretary for
International Economic Relations; and
- María Apólito, Undersecretary for the Knowledge Economy.
About Swvl
Swvl is a global provider of transformative tech-enabled mass
transit solutions, offering intercity, intracity, B2B and B2G
transportation across 115 cities in 18 countries. The Company's
platform provides complimentary semi-private alternatives to public
transportation for individuals who cannot access or afford private
options. Every day, Swvl's parallel mass transit systems are
empowering individuals to go where they want, when they want –
making mobility safer, more efficient, accessible and
environmentally friendly. Customers can book their rides on an
easy-to-use proprietary app with varied payment options and 24 / 7
access to high-quality private buses and vans.
Swvl was co-founded by Mostafa
Kandil, who began his career at Rocket Internet, where he
launched the car sales platform Carmudi in the Philippines, which became the largest car
classifieds company in the country in just six months. He then
served as Rocket Internet's Head of Operations. In 2016, Kandil
joined Careem, a ride-sharing company and the first unicorn in the
Middle East. He supported the
platform's expansion into multiple new markets.
For additional information about Swvl, please visit
www.swvl.com.
Media Contact
Daniel Yunger
Kekst CNC
kekst-swvl@kekstcnc.com
917-574-8582
Investor Contact
Youssef Salem
Swvl CFO
Investor.relations@swvl.com
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SOURCE Swvl Inc.