Swvl Inc., the Egyptian founded a startup that provides transformative mass transit and shared mobility solutions, has 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, 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.”
“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.
Swivl 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.
