Swvl Inc., a Dubai-based provider of transformative mass transit and shared mobility solutions, announced an agreement to acquire a controlling interest in Shotl, a mass transit platform that operates across Europe, Latam and APAC.
With a presence across 22 cities in 10 countries including Brazil, Japan and pan-European footprint , more than 10 per cent market share in Europe and rapid adoption, Shotl is overcoming obstacles posed by transportation voids in suburbs, cities and campuses with an on-demand simple platform that is 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 optimise routes and maximise 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.
“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.
The transaction is expected to close in the fourth calendar quarter of 2021, subject to customary closing conditions.
It's worth mentioning that this acquisition comes after the Dubai-based tech startup has announced last July going public by merging with a merger with a special purpose acquisition company (SPAC) at a valuation of $1.5 billion.
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