SWVL to Acquire Undisclosed European Ride-Sharing Enterprise
After its Nasdaq Stock Exchange listing, the transportation disruptor is looking to make the acquisition as part of ambitious $15 billions valuation growth.
Following its newly announced Nasdaq Stock Exchange listing, Egypt’s ride-sharing platform SWVL is looking to boost its market value to an eye-watering $15 billion, a tenfold increase of its current valuation.
SWVL CEO Mostafa Kandil made the comments in a meeting with Egyptian Prime Minister Mostafa Madbouly, adding that the company is planning an intensification of investments within Egypt’s market, whose transportation sector is central to the country’s wider development endeavours.
“SWVL has managed to be a pioneer in the public transportation sector by providing its services across 10 cities in six countries – Egypt, Saudi Arabia, Kenya, Pakistan, the UAE, and Jordan – within only four years,” said Kandil, before stating that the company is intending to purchase a European ride-sharing enterprise to tap into the continent’s market.
Prime Minister Madbouly stated that the state is willing to “eliminate all the obstacles they face to pave the way” for Egyptian innovation to succeed.
Swvl’s Nasdaq listing is expected to generate funds that will fast-track the company’s expansion into 20 countries by 2025.
