Business
Swvl Expands Further in Europe with Acquisition of Volt Lines, Turkey's Leading Provider of Tech-Enabled Mass Transit Solutions
Volt Lines has more than 110 institutional clients including Mondelez, Axa Insurance, Pirelli, CMA-CGM, MetLife and ICBC Adds incremental $4.3m annualized
About this update from Swvl Holdings Corp
[{"type":"text","content":"Volt Lines has more than 110 institutional clients including Mondelez, Axa Insurance, Pirelli, CMA-CGM, MetLife and ICBC\nAdds incremental $4.3m annualized revenue forecasted based upon Q1 2022 results and builds on recent acquisitions of controlling stakes in Shotl and Viapool and pending acquisition of door2door\nProvides complimentary geographic presence and suite of solutions with forecasted 127% gross revenue CAGR and significant increase in customers since launching in 2018 through the end of 2022\nAligns with Swvl's commitment to providing safe, affordable transportation options, unlocking social, economic, and educational opportunities while reducing emissions\nNEW YORK, April 25, 2022 /PRNewswire/ -- Swvl Holdings Corp (\"Swvl\" or the \"Company\") (NASDAQ: SWVL), a global provider of transformative tech-enabled mass transit solutions, today announced a definitive agreement to acquire Volt Lines, a Turkey-based B2B and Transport as a Service mobility business. The acquisition builds on Swvl's recent acquisitions of controlling stakes in Shotl and Viapool, and pending acquisition of door2door. The closing of the transaction is subject to customary closing conditions and is expected to be completed in Q2 2022.\n\n \n \n \n \n \n \n\n \nFounded in 2018, Volt Lines has a strong presence in major Turkish cities including Istanbul and the capital Ankara. The company provides corporate clients with a smart and cost-effective alternative to public transportation or ride hailing for commuters by utilizing a network of smartly routed shared buses. Through its monthly subscription option, Volt Lines facilitates consistent and reliable commutes for the employees of more than 110 companies (including ICBC, Mondelez, Axa Insurance, Pirelli, CMA-CGM, MetLife, and many more), which increases productivity for all stakeholders. Volt Lines Founder and CEO Ali Halabi will continue to lead the Turkish business going forward.\nMostafa Kandil, Swvl Founder and CEO, said, \"Volt Lines shares Swvl's commitment to expanding opportunities and reducing emissions through forward-thinking mobility solutions. With this acquisition, we are deepening our presence in Europe, immediately expanding our enterprise client-base and continuing to deliver on our growth objectives. We look forward to welcoming the Volt Lines team to the Swvl family and working ...