Swvl acquires UK’s Zeelo in a $100 million deal

Swvl acquires UK’s Zeelo in a $100 million deal

Swvl, global provider of transformative tech-enabled mass transit solutions, acquired Zeelo, smart bus platform and technology scale-up.

Egypt’s Swvl, who provides transportation services for intercity and intracity trips, also recently acquired Turkey’s Volt Lines and went public on Nasdaq through a SPAC.

“Swvl is revolutionizing the mass transit industry and we are thrilled to join forces with them on this next phase of Zeelo’s journey to firmly establish smart bus transport as the best-in-class shared mobility solution that takes account of all income levels and the needs of ordinary, every-day travelers. 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. We are excited to leverage their global experience as we embark on a shared journey to develop safe, affordable, and low emission mass transportation options, and expand economic opportunity for the people who need it most through our mobility solution,” Sam Ryan, Zeelo Founder and CEO, said.

UK’s Zeelo is an asset-light technology company that modernizes daily bus commutes to serve the needs of frontline workers and students through B2B contracts with organizations and family-run bus operator networks.

“The acquisition of Zeelo offers Swvl a superb entry point into the US and South Africa, extends our position in the UK, and provides a complementary suite of new mobility products. Combined with our past acquisitions and announced acquisitions, today’s announcement further demonstrates our ability to utilize our growth capital and public currency to pursue organic and inorganic strategic initiatives. We look forward to capitalizing on the numerous opportunities provided by this transaction to advance our market position as a provider of technology-enabled mass transit solutions on a global scale,” Youssef Salem, CFO at Swvl, stated.

Also read: Swvl to IPO Through American Female-Led SPAC

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