Swvl Holdings Corp · NASDAQ:SWVL
Swvl — SPAC Merger (August 2021)
81 slides from Swvl's SPAC merger presentation, Aug 27, 2021
Slide 1: Revolutionizing Mass Transit and Shared Mobility
Revolutionizing Mass Transit and Shared Mobility August 2021
Slide 2: Disclaimer 1/2
Disclaimer—1/2 Forward-Looking Statements This presentation (the “Presentation”) contains “forward-looking statements”. Actual results may differ from the expectations, estimates and projections set forth herein and consequently, you should not rely on these forward-looking statements as predictions
Slide 3: Disclaimer 2/2
Disclaimer - 2/2 The Presentation includes certain non-IFRS financial measures (including on a forward-looking basis). These non-IFRS measures are an addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with International Financial Reporting
Slide 4: Risk Factors 1/2
Risk Factors—1/2All references to “Swvl Inc.,” “we,” “us” or “our” refer to the business of Swvl Inc. (“the Company”) and its subsidiaries prior to the consummation of the proposed business combination with Queen’s Gambit Growth Capital (“SPAC”) (the “Potential Transaction”). The risks described bel
Slide 5: Risk Factors 2/2
Risk Factors—2/2Natural disasters, economic downturns, public health crises, including the COVID-19 pandemic, or political crises in the jurisdictions in which we operate could materially and negatively impact our operations in such jurisdictions;We conduct a substantial amount of our business in fo
Slide 6: Overview: Swvl and Queen's Gambit combination
Overview Swvl and Queen’s Gambit: A combination to accelerate mass transit revolution Swvl to combine with Queen’s Gambit Growth Capital Queen’s Gambit is focused on disruptive, high potential technology platforms – in perfect alignment with Swvl Transaction expected to close in Q4’21 Value add Acce
Slide 7: Queen's Gambit is positioned to make differentiated and immediate impact
Queen’s Gambit is positioned to make differentiated and immediate impact Overview Unique and Empowered Board and Advisory Team • Seasoned and experienced management team Jennifer Barbetta Existing strategic relationship with Agility and a host of other board relationships Senior MD, COO at Starwood
Slide 8: Agility is expected to provide immediate synergies and new opportunities
Agility is expected to provide immediate synergies and new opportunities Agility is expected to provide immediate synergies and new opportunities Multi-billion dollar corporate logistics leader is uniquely positioned to offer strong operating and strategic benefits globally Largest private owner, ma
Slide 9: Agility is expected to provide immediate synergies and new opportunities
Agility is expected to provide immediate synergies and new opportunities Multi-billion dollar corporate logistics leader is uniquely positioned to offer strong operating and strategic benefits globally Leverage Agility’s Regional Expertise to Expand in Emerging Markets Critical access and understand
Slide 10: Why Swvl?
Why Swvl? 1. The ~$1 Trillion Challenge: Mass Transit is a Rigid and Outdated Solution for the Fast Changing Modern World 2. The Swvl Solution: Responsive, Self-Optimizing, Supply-Agnostic and Asset Light Mass Transit Solution 3. The Foundations: Customer Centric Operating Model Enabled by Swvl Grow
Slide 11: The ~$1 Trillion Challenge
The ~$1 Trillion Challenge
Slide 12: ~$1tn+ Mass transit opportunity
~$1tn+ Mass transit opportunity Share of urban populations with convenient access to public transport, (% of urban pop. w/ convenient access to public transport) 85% 89% 48% 40% 13% Prohibitive Societal Cost On avg., ~2x as many people have convenient access to public transport in developed countrie
Slide 13: Poor access and reliability in emerging market mass transit
Poor access and reliability are consistent features of mass transit systems, particularly in emerging markets… Share of urban populations with convenient access to public transport, (% of urban pop. w/ convenient access to public transport) On avg., ~2x as many people have convenient access to publi
Slide 14: Safety remains a concern in public transport
… with safety remaining a concern across many emerging markets’ public transport systems Women’s experiences of sexual harassment on public transport, (%) 81% 78% 64% 64% 55% 54% Baku Karachi Mexico City Bogota Mumbai Nairobi 14
Slide 15: Governments spend billions on inefficient public transport
Governments spend billions of dollars of CAPEX and OPEX to deliver and operate inefficient public transport systems Country deep-dive, Pakistan Metrobus, Rawalpindi-Islamabad ~30% 55% $12.5mm Actual capacity Annual operating Delay in project (1) compared to initial subsidy (3) completion design (2)
Slide 16: Societal costs escalate government bills
. this is compounded by associated societal costs that further escalate government bills Number of hours lost in congestion per person, (hours) 134 133 100 100 94 93 88 88 87 86 86 85 81 74 67 Bucharest Bogota New York City Moscow Philadelphia Zagreb Paris Tallinn Quito Chicago Vilnius Bordeaux Cali
Slide 17: Inefficient and underutilized private buses
Inefficient and underutilized quality private buses, unable to fulfill latent mass transit demand Inefficient bus usage Underutilized buses Untapped potential (1) (1) 2 trips/day 8 months/year +155k Vehicle owners typically work Vehicle owners tend to be out of Private buses in Cairo alone (2) for a
Slide 18: The Swvl Solution
The Swvl Solution
Slide 19: Demand-responsive, self-optimizing, asset light mass transit solution
Reliable and Convenient Safe Valuable Demand-Responsive, Self-Optimizing, Supply-Agnostic and Asset Light Mass Transit Solution Far more affordable than alternatives $6.00 - $8.00 Taxi $5.00- $7.00 Ride-hailing $1.10 - $2.20 Low avg walk to station (7 mins) 7 minutes to station Note: Fares for Swvl,
Slide 20: Swvl's operating system
Swvl’s operating system; an integrated, customer-centric ecosystem enabled by commute-specific products Swvl operating system Work Swvl’s operating model enables it to continuously utilize pooling demand across different use cases and seasonalit Fulfilled by Powered by significantly improving the as
Slide 21: Swvl's growth cycle at the foundation of its operating system
Swvl’s growth cycle is at the foundation of its operating system NETWORK EFFECTS OF THE PLATFORM Adding more drivers and vehicles to the platform enables more route creation Creating more routes and having more drivers enables cross-dispatch and a reduction in cost per KM while increasing the aggreg
Slide 22: Swvl's impact in revolutionizing mass transit
Swvl’s impact in revolutionizing mass transit 53mm bookings to date (4) ~430% ‘17A - ‘20A gross revenue CAGR (3) (4) 37 Cities in 16 countries (1) (2) ~1.6mm riders have commuted on Swvl to date (4) ~17k drivers generated income from Swvl (4) 52% of Swvl’s student customer base are female (4) 1. Ope
Slide 23: Data infrastructure creates a robust cost barrier for competitors
An established data infrastructure, growth cycle and business offering that creates a robust cost barrier for competitors Strong competitive moat with increased profitability Gross Revenue Per User Driver Earnings Customer Price 23% ~2x 40% Of inter-city users use two categories over Drivers who end
Slide 24: Swvl's journey and rapid expansion history
Introduction to Swvl’s journey that is backed by a history of rapid and increasingly efficient expansions • Launches in Saudi Arabia via • Crossed 40,000 bookings/day corporate offerings • ~$29mm gross revenue (~166x • (1) Definitive agreement to • Ranked #16 in Forbes Top 100 growth in 2 years) acq
Slide 25: Explosive growth since inception
Explosive growth since inception... Oct-17 Apr-18 Oct-18 Apr-19 Oct-19 Feb-20 Dec-21 (E) 3,780 2,855 2,689 1,107 449 18 48 Bookings, (‘000) ~6x ~25x Oct-17 Apr-18 Oct-18 Apr-19 Oct-19 Feb-20 Dec-21 (E) US$ 79 US$ 49 US$ 51 US$ 18 US$ 8 US$ 1 US$ 1 Annualized gross revenue, ($ million) ~ 16x ~ 7x Pre
Slide 26: Consistently improving margins
2019-3 2019-4 2019-5 2019-6 2019-7 2019-8 2019-9 2019-10 2019-11 2019-12 2020-1 2020-2 2020-3 2020-4 2020-5 2020-6 2020-7 2020-8 2020-9 2020-10 2020-11 2020-12 2021-1 2021-2 2021-3 (8%) (16%) (15%) (8%) (6%) (6%) (4%) 8% 3% 5% 0% (5%) (51%) (50%) (77%) (72%) (72%) (65%) (51%) (43%) (46%) (64%) (51%)
Slide 27: Swvl improves supply efficiency and drivers' earnings
Swvl significantly improves supply efficiency and drivers’ earnings power Private Bus Driver Swvl Bus Driver Driver’s realized revenue, $ Inefficient bus usage Efficient bus usage ~US$760 2 trips/day 4-6 trips/day ~US$700 Under-utilized buses Adequately utilized buses ~US$185 8 months/ 12 months/ Pr
Slide 28: Swvl outperforms peers across the globe
Swvl outperforms peers across the globe, despite being the newest player Company Founded 2017 2012 2012 2011 2015 Stage Growth Growth/Mature Mature Mature Mature Geographic Scope Global (1) Global MENA, Indian sub-continent Global Single Country Diversified between consumers (inter and intra-city),
Slide 29: The Mechanics
The Mechanics 29
Slide 30: Proprietary technology at core of growth cycle
Cutting-edge proprietary technology is the core of Swvl’s virtuous growth cycle and creates a superior competitive moat Lower cost structure Better selection Reliability and convenience technology focus areas Lower Shorter Denser avg. walk to network fare per station trip distance 1 Predict and iden
Slide 31: Predict and identify latent demand
1 Predict and identify latent demand: Predicting demand for facilitating better selection Map the City Swvl divides the city into equal areas (i.e., hexes) Capture Latent Demand and Optimize Existing Areas Hexes are the basic unit of analysis to build a network • Determines which hexes to place Swvl
Slide 32: Create routes centered around demand clusters
2 Create routes centered around demand clusters: Automated route creation with an objective to maximize demand conversion Create routes centered around demand clusters and deliver on the Demand estimation Route creation reliability promise • A ML algorithm identifies key pockets of latent and existi
Slide 33: Create dynamic routes
3 Create dynamic routes: Dynamic routing improves user experience, providing greater convenience • Dynamic Routing (DR) is a proprietary computational technology developed by Swvl Evolution of a route dynamically upon discovering a new rider • Enables Swvl to adapt, real-time, to actual demand pocke
Slide 34: Better selection yields faster route profitability
3 Better selection ultimately expected to yield faster profitability of routes Number of searches on the platform that meet customer promise (1), (%) ~35% increase 35% 26% Jul-20 Mar-21 Time to profitability per route, (months) ~40% reduction 7 ~75% reduction 4 1 2019 2020 2021 34 Note: Data reflect
Slide 35: Dynamic routing reduces walk to station
3 Dynamic routing reduces walk to station, increasing conversion to bookings and thus, margins Average walk to station time in Cairo, (min) ~40% reduction 20 ~25% reduction 12 ~22% reduction 9 7 Feb-20 May-20 Sept-20 Apr-21 35 Note: Reflects Cairo only. A combination of factors contribute to a compo
Slide 36: Create cost efficient plans and schedules
4 Create cost efficient plans and schedules: Providing a more affordable customer ride starts with minimizing the cost per KM incurred while enhancing vehicle ROI 1 4 2 2 3 • Machine learning (ML) algorithm “stitches” multiple routes into a plan 1 4 • A plan optimizes for driver convenience and earn
Slide 37: Price supply via bidding and smart assignment
5 Price supply via bidding and smart assignment system: Once a plan is created, supply is priced via bidding and plans are assigned via smart assignment system, minimizing overall costs (~12% savings) Smart assignment technology dynamically prices supply via bidding and cross-dispatching vehicles ac
Slide 38: Technology drives driver retention and vehicle ROI
5 Technology allows +85% drivers retention, while decreasing cost per KM and increasing vehicle ROI By increasing rides per vehicle by ~40% Technology allows +85% vehicle retention Weekly rides/vehicle 13.9 14.3 13.7 30-day rolling retention (1) 13.0 13.2 11.9 11.9 11.9 11.0 10.3 10.6 10. 88.2% 88.4
Slide 39: Price demand dynamically
6 Price demand dynamically: Demand is priced dynamically to give riders the optimal price at the right time based on real-time data Dynamic user level pricing Engine predicts user reaction to pricing based on: • A ML model is continuously running to maximize Current Utilization Route-level retention
Slide 40: Revenue per user increase and cohort growth
6 Price demand dynamically: 50% increase in revenue/user & accelerated growth to hit $13/month with 60% annual gross revenue retention 2019 cohorts took 12 months to reach $13 per month of gross revenue per user Activation Consumer business Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Mon
Slide 41: SaaS/TaaS enterprise product suite
Swvl consumer proprietary-tech was packaged into a suite of SaaS/TaaS enterprise product dedicated to corporates, schools and transit agencies Transit agencies and businesses Decoupled TaaS Elements Integrated Network Platform Optimization Software and Pricing Algorithms Managed Services Customer Se
Slide 42: SaaS/TaaS enterprise growth and net dollar retention
SaaS/TaaS enterprise product achieved exponential growth (~4x in gross revenue per client) with a net dollar retention (~115%) only achieved by the top-quintile SaaS/TaaS products Net dollar retention Activation Jun-2020 Jul-2020 Aug-2020 Sep-2020 Oct-2020 Nov-2020 Dec-2020 Jan-2021 Feb-2021 Mar-202
Slide 43: Shotl creates a foothold in Europe
Shotl expected to create a strong foothold in Europe, a full year ahead of Swvl’s expansion plans With a presence across 22 cities in 10 countries, Barcelona-based Shotl will double Swvl’s footprint and accelerate entry into Europe a year ahead of schedule; presence in Japan provides further upside
Slide 44: The Objectives
The Objectives 44
Slide 45: Aim to build global technology revolutionizing mass transit: 2025 goals
Swvl aims to accelerate the build-up of a global non-displaceable technology revolutionizing mass transit2025 goals~$1bn+ 24 ~30%-40%Annual gross revenue(1) Countries(2) Gross margin (1)~50% ~50% 5 continents ~15% MENA, South America, North Consumer SaaS+TaaS Adjusted EBITDA margin America, Europe &
Slide 46: Gross revenue growth
Gross revenue is a non-IFRS measure, and represents Revenue before impact of promos, refunds, and waivers. See P75-79 for reconciliation to the most comparable measure presented in accordance with IFRS standards. Note: Financial data not pro forma for acquisition of a controlling interest in Shotl a
Slide 47: Gross margin potential beyond 40%
to a gross margin potential beyond 40% without further increase in customer pricingUnit economics in Cairo Retail, $US$?0.013 US$?0.012019-02 2019-05 2019-08 2019-11 2020-02 2020-08 2020-11 2021-03 RASK—Gross revenue per available seat kilometer CASK RASK CASK—Cost per available seat kilometer 40% G
Slide 48: Journey of mature markets to 40%+ gross margins
journey of mature markets to +40% gross margins: Cairo Retail Margins—Cairo Retail, % 12%(10%)(10%) 8% 41% 0 30% 20% 20%Current ATF CPS Utilization Steady-state Net-margin Steady-state EBITDA Steady-stateGM improvements improvements improvements GM interventions NM interventions Adjusted EBITDA marg
Slide 49: The Path Ahead
The Path Ahead 49
Slide 50: Five principles guide international expansion
Five principles guide Swvl?s approach tointernational expansionReliable, convenient, safe and valuable global mass-mobility technology Adopt a rapid-fire Balance organic, Opt for breadth in the inorganic and serialBalance growth and Lead expansion iterative expansion early expansion stages innovatio
Slide 51: Comprehensive expansion approach
Giding principles translate into a comprehensive expansion approach across all categoriesEase of EntryNote: APAC excludes China.Existing portfolio consolidation in core geographies, creating the basis of a non-displaceable, pre-eminent emerging market mobility playerFull-portfolio expansion across L
Slide 52: Geographic expansion roadmap
The approach translates into a well orchestratedgeographic expansion roadmapBangladesh KSA Brazil Mexico Spain/Italy Poland Greece PhilippinesJordan/U Brazil Mexico Represents original expansion timeline? Spain/Italy DE/UK/FR Represents presence in new countries and expansion of those accelerated by
Slide 53: Tried and tested approach to portfolio expansion
Swvl will follow a tried and tested approach to accelerate portfolio expansion Country deep-dive, Brazil Standardized market-entry approach, Retail focused in a Brazilian city Target of 30-45 days from team hitting the ground to operations Registration and Market entry Acquire Growth Hire team Kick-
Slide 54: The Transaction
The Path Ahead 54 #10BILLIONBOOKINGS
Slide 55: Detailed transaction overview
Detailed transaction overview Illustrative Pro Forma Valuation ($ in mm, except per share amounts) PIPE Investors Agreed Share Price $10.007% GMBT Public Shareholders Pro Forma Shares Outstanding (mm) 153.8 22% Pro Forma Equity Value $1,538 Less: Projected Net Cash at Close(405) Pro Forma Enterprise
Slide 56: Use of proceeds catalyzes global expansion
Use of proceeds catalyzes Swvl’s global expansion Capital raise will enable Swvl to fund its geographic expansion across all segments Rapid expansion plan to be in 20 countries by 2025 Capital investment primarily allocated to growth marketing, technology infrastructure and associated people costs,
Slide 57: Proceeds to drive top-line growth
Proceeds can be used to build on Swvl?s exponential growth to drive to significant top-line growthActualProjectedNote: Consumer [To be reflects updated Retail and whenTravel modelsegments. isFinancial data not pro forma for acquisition of a controlling interest in Shotl announced 8/19/2021. 571. Gro
Slide 58: Detailed financial projections
Detailed financial projections Actual Projected Commentary 2020A 2021E 2022E 2023E 2024E 2025E CAGR($ in millions)(?20A-?25E) Total Bookings (in millions) 17 28 78 183 345 566 102%%YoY Growth 64% 184% 134% 88% 64% Consumer Gross Revenue $28 $82 $215 $451 $702 Significant gross revenue growthSaaS/Taa
Slide 59: Valuation attractive relative to peers
Swvl’s valuation is attractive relative to peersEnterprise Value / 2022E Revenue (1), multipleShared Economy Peers Median: 7.5xSaaS Peers Median: 19.5xSource: Latest available filings and management / investor presentations. Market data as of 7/26/2021. Note: Comparability between Swvl and peers may
Slide 60: Near and long-term growth prospects vs peers
With unparalleled near and long-term growth prospects2021E—2023E Revenue CAGR, %194%Shared Economy Peers Median: 32%SaaS Peers Median: 25%2023E Current Run-Rate Gross 27% ~40% 24% 38% 60% 63% 80% 55% 81% 60% 65% 60% 74%Margin 2023E Adjusted EBITDA(23%) ~15-20% 1% 11% 12% 14% 21% 13% 10% 1% 2% 9% 41%
Slide 61: Long term valuation fundamentals
Leading to even more compelling long term valuation fundamentalsEnterprise Value / 2024E Revenue (1), multipleShared Economy Peers Median: 2.8xSaaS Peers Median: NA9.0x8.2xSource: Latest available??lings and management / investor presentations. Market data as of 7/26/2021. Note: Comparability betwee
Slide 62: Team and values
Team and values 62
Slide 63: Multi-disciplinary team of industry veterans
A multi-disciplinary team of industry veterans will deliver on the set opportunity Mostafa Kandil Launched Careem in 8 cities in 6 months Spearheaded Rocket Internet operations CEO in Philippines and Egypt achid aalouly Ex-Partner at McKinsey leading transport logistics & travel arm for Head of Stra
Slide 64: Values: differentiated ESG investment
values: differentiated ESG investmentAdvancing Social JusticeAffordable, convenient and safe transportation that increases social and economic equity for womenIncreased access to employment options for drivers and other young professionalsReducing Prohibitive Societal BurdenLowering Carbon Footprint
Slide 65: Appendix
Appendix 65
Slide 66: Swvl's technology ecosystem
Swvl’s technology ecosystemCorporate or schoolWhite-labeled rider Network planning and Fixed and dynamic routing Pricing and revenueand driver application analytics systems management systems
Slide 67: Effortless user experience for riders
Provides an effortless and brilliantuser experienceRider mobile application enables riders to access all available trips easily, find theirdesired destinations, and make available stops and book in advance. Plan entire work Real time week ahead tracking Walk to station visibilityWalk to stationvisib
Slide 68: Superior driver experience
and a superior driver experienceEnabling drivers to access all upcoming/past trips easily, check-in/check-out, manage finances and 24*7 support, and training modules to learn best practices.Training modulesTrip managementSeamless check-in experience24*7 support
Slide 69: Corporate admins schedule rides
Enables corporate admins to schedule rides… Ability to mass upload and update ride schedules to drivers including all details; dates, timings, pickup and drop off locations. Easy access to drivers & vehicles information. Schedule timings, stops and routes. Update schedules with a press of a button.
Slide 70: Optimized routes improve cost efficiency
and get optimized routes to improve cost efficiencyAI algorithm optimizes supply cost and/or travel time significantly via machine learning through various data points involving riders’ locations, destinations, commute timings Optimize routes based on different rider location andOptimize routes base
Slide 71: Real time visibility on rides for safety
while having real time visibility on all rides to ensure safety of passengersAbility to monitor rides in real-timewith complete visibility over ride timings, driver information, vehicletypes, and current ride progress.Mass upload ride schedules to drivers.
Slide 72: Automated invoicing capability and transparency
Automated invoicing capability and transparencyE2E automated payment system covering for all payment cases, scenarios such as—Daily wage, kmpayout, tolls, fines, etc.
Slide 73: Live pricing and revenue management
Live pricing and revenue management
Slide 74: Real time analytics for informed decision making
Real time analytics for informed decision making
Slide 75: 100+ TaaS clients across the globe
100+ TaaS clients across the globe with affordable, reliable & convenient enterprise solution
Slide 76: Reconciliation from Gross Revenue to IFRS Revenue
Reconciliation from Gross Revenue to IFRS Revenue ($ in millions) 2019A 2020A 2021E 2022E 2023E 2024E 2025E Gross revenue $28.8 $26.2 $46.5 $ 141.4 $402.5 $813.6 $1,304.3 Less: Promotions and incentives (10.9) (5.7) (6.6) (15.6) (33.2) (52.7) (62.0) Less: Refunds (2.1) (1.8) (4.0) (8.9) (9.7) (8.1)
Slide 77: Reconciliation from IFRS Operating Expenses to Other Operating Expenses
Reconciliation from IFRS Operating Expenses to “Other Operating Expenses” ($ in millions) 2020A Operating Expenses General and administrative expenses ($19.3) Selling and marketing costs (3.4) Other expenses (0.2) Total Operating Expenses ($22.9) Expenses captured above Growth marketing 2.4 Technolo
Slide 78: Reconciliation from Adjusted EBITDA to Total Comprehensive Loss
Reconciliation from Adjusted EBITDA to Total Comprehensive Loss ($ in millions) 2020A Commentary Adjusted EBITDA ($29.0) Less: Expenses below Adjusted EBITDA included in G&A, S&M, and other expenses Depreciation of property and equipment (0.1) Depreciation of right-of-use assets (0.4) Provision for
Slide 79: 2019 Monthly Gross and Net Margin Reconciliation
2019 Monthly Gross and Net Margin Reconciliation ($ in millions) 2019-2 2019-3 2019-4 2019-5 2019-6 2019-7 2019-8 2019-9 2019-10 2019-11 2019-12 Number of bookings (in millions) 0.95 1.09 1.11 1.31 1.22 1.85 1.66 2.39 2.86 2.98 2.92 Average price ($) US$1.18 US$1.30 US$1.32 US$1.31 US$1.34 US$1.44 U
Slide 80: 2020 Monthly Gross and Net Margin Reconciliation
2020 Monthly Gross and Net Margin Reconciliation ($ in millions) 2020-1 2020-2 2020-3 2020-4 2020-5 2020-6 2020-7 2020-8 2020-9 2020-10 2020-11 2020-12 FY 2020 Number of bookings (in millions) 2.72 2.69 2.24 0.67 0.54 0.59 0.69 0.86 1.18 1.37 1.70 1.58 16.83 Average price ($) US$ 1.38 US$ 1.58 US$ 1
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