Volt Lines has more than 110 institutional
clients including Mondelez, Axa Insurance, Pirelli, CMA-CGM,
MetLife and ICBC
Adds 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
Provides 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
Aligns with Swvl's commitment to providing
safe, affordable transportation options, unlocking social,
economic, and educational opportunities while reducing
emissions
NEW
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.
Founded 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.
Mostafa 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 together to realize
our shared vision of revolutionizing mass transit systems around
the world."
Transaction Highlights:
The transaction with Volt Lines will strengthen Swvl's position
as the leading global provider of tech-enabled mobility
solutions:
- Offers complementary suite of TaaS services that can
significantly reduce the cost of commuting:
-
- Expands Swvl's B2B offerings by connecting passengers to
drivers through their employers to develop direct routes with
flexible departure times.
- Brings an impressive roster of over 110 enterprise customers,
including many multinational companies that rely on Volt Lines to
enable commuting for thousands of employees every day.
- Volt Lines expects to build a dedicated tech and R&D center
to support Swvl's existing global hubs in Spain, Germany, Egypt and Pakistan.
- Brings a strong track record of growth and highly scalable
model:
-
- Volt Lines forecasted to deliver 127% revenue CAGR since
launching in 2018 through the end of 2022 and a 714% increase in
customers since 2018 through the end of 2021.
- Demonstrated customer stickiness with average net dollar
retention of 107% over the past six months.
- Provides opportunity for clear path to expansion into adjacent
markets that also require transportation solutions, including
schools and factories.
- Aligns with Swvl's mission to provide safe, reliable, and
affordable transportation solutions that reduce emissions and
congestion:
-
- Promotes economic empowerment by making it easier for employees
to get where they need to be when they need to be there.
- Volt Lines has committed to running 100% of its network on
electric buses powered by renewable energy to realize
zero-emissions by 2030.
Ali Halabi, Volt Lines Founder
and CEO, said, "When we launched Volt Lines four years
ago, we set out to deliver a revolutionary transit experience to
make commuting more reliable and affordable in Istanbul. With Swvl's global footprint,
leading technology platform and proven ability to scale, we believe
they are the ideal partner for Volt Lines to accelerate expansion
of our platform. We are confident our solutions will meaningfully
contribute to the Swvl platform, and together we will be able to
deliver superior transportation alternatives for commuters around
the world. We're also excited about scaling our R&D center in
Istanbul into a global technology
hub, giving Swvl a reliable access to Turkey's technical talent."
Youssef Salem, Swvl CFO,
said, "The acquisition of Volt Lines expands on Swvl's position as
a leader of mobility solutions, with a clear opportunity to scale
the platform globally. Volt Lines brings an extensive list of
multinational customers that we are excited to continue to grow
relationships with as we provide them with the transportation
solutions they need. This acquisition marks another decisive step
that Swvl has taken to expand its footprint and to diversify our
offerings globally. As always, we are evaluating a host of
compelling opportunities to further our position as a leading
provider of tech-enabled mobility solutions."
About Swvl
Swvl is a global provider of transformative tech-enabled mass
transit solutions, offering intercity, intracity, B2B and B2G
transportation across more than 115 cities across 18 countries and
four continents. The Company's platform provides complimentary
semi-private alternatives to public transportation for individuals
who cannot access or afford private options. Every day, Swvl's
parallel mass transit systems are empowering individuals to go
where they want, when they want – making mobility safer, more
efficient, accessible, and environmentally friendly. Customers can
book their rides on an easy-to-use proprietary app with varied
payment options and 24 / 7 access to high-quality private buses and
vans.
Swvl was co-founded by Mostafa
Kandil, who launched Carmudi in the Philippines, which became the largest car
classifieds platform in the country in just six months. He then
served as Rocket Internet's Head of Operations. In 2016, Kandil
joined Careem, a ride-sharing company and the first unicorn in the
Middle East, where he launched
services in multiple new markets.
For additional information about Swvl, please visit
www.swvl.com.
About Volt Lines
Founded in 2018, Volt Lines is a subscription-based
transportation service for employees of corporate companies with a
strong presence in Istanbul and
the Turkish 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,
which increases productivity for all stakeholders. Volt Lines was
founded by Ali Halabi, who will
continue to lead the Turkish business going forward.
For additional information about Volt Lines, please visit
www.voltlines.com.
Forward Looking Statements
Certain statements made
herein are not historical facts but are forward-looking statements.
Forward-looking statements generally are accompanied by words such
as "believe," "may," "will," "estimate," "continue," "anticipate,"
"intend," "expect," "should," "would," "plan," "predict,"
"potential," "seem," "seek," "future," "outlook" and similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
statements regarding future events and other statements that are
not historical facts.
These statements are based on the current expectations of Swvl's
management and are not predictions of actual performance. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as, and must not be relied on,
by any investor as a guarantee, an assurance, a prediction or a
definitive statement of fact or probability. Actual events and
circumstances are difficult or impossible to predict and will
differ from assumptions. Many actual events and circumstances are
beyond the control of Swvl. These statements are subject to a
number of risks and uncertainties regarding Swvl's business, and
actual results may differ materially. These risks and uncertainties
include, but are not limited to: general economic, political and
business conditions, including but not limited to the economic and
operational disruptions and other effects of the COVID-19 pandemic;
the outcome of any legal proceedings that may be instituted against
the parties following the consummation of the business combination;
failure to realize the anticipated benefits of the business
combination; the risk that the business combination disrupts
current plans and operations as a result of the consummation of the
business combination; the ability of the combined company to
execute its growth strategy, manage growth profitably and retain
its key employees; competition with other companies in the mobility
industry; Swvl's limited operating history and lack of experience
as a public company; recent implementation of certain policies and
procedures to ensure compliance with applicable laws and
regulations, including with respect to anti-bribery,
anti-corruption, and cyber protection; the risk that Swvl is not
able to execute its growth plan, which depends on rapid,
international expansion; the risk that Swvl is unable to attract
and retain consumers and qualified drivers and other high quality
personnel; the risk that Swvl is unable to protect and enforce its
intellectual property rights; the risk that Swvl is unable to
determine rider demand to develop new offerings on its platform;
the difficulty of obtaining required registrations, licenses,
permits or approvals in jurisdictions in which Swvl currently
operates or may in the future operate; the fact that Swvl currently
operates in and intends to expand into jurisdictions that are, or
have been, characterized by political instability, may have
inadequate or limited regulatory and legal frameworks and may have
limited, if any, treaties or other arrangements in place to protect
foreign investment or involvement; the risk that Swvl's drivers
could be classified as employees, workers or quasi-employees in the
jurisdictions they operate; the fact that Swvl has operations in
countries known to experience high levels of corruption and is
subject to territorial anti-corruption laws in these jurisdictions;
the ability of Swvl to maintain the listing of its securities on
Nasdaq; costs related to the business combination; Swvl's
acquisitions of controlling interests in Shotl Transportation,
S.L., Viapool Inc. and door2doorGmbH may not be beneficial to Swvl
as a result of the cost of integrating geographically disparate
operations and the diversion of management's attention from its
existing business, among other things; and other risks that will be
detailed from time to time in filings with the U.S. Securities and
Exchange Commission. The foregoing list of risk factors is not
exhaustive. There may be additional risks that Swvl presently does
not know or that Swvl currently believes are immaterial that could
also cause actual results to differ from those contained in
forward-looking statements. In addition, forward-looking statements
provide Swvl's expectations, plans or forecasts of future events
and views as of the date of this communication. Swvl anticipates
that subsequent events and developments will cause Swvl's
assessments and projections to change. However, while Swvl may
elect to update these forward-looking statements in the future,
Swvl specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing Swvl's assessments as of any date subsequent to the
date of this communication. Accordingly, undue reliance should not
be placed upon the forward-looking statements.
Media Contact
Daniel Yunger
Kekst CNC
kekst-swvl@kekstcnc.com
917-574-8582
Investor Contact
Youssef Salem
Swvl CFO
Investor.relations@swvl.com
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SOURCE Swvl Holdings Corp
