NEW
YORK, Aug. 1, 2022 /PRNewswire/ -- Swvl Inc.
("Swvl" or the "Company") (NASDAQ: SWVL), a global provider of
transformative tech-enabled mass transit solutions, today announced
its entry into a strategic partnership with City Group Co.
KSCP ("City Group"), a leading transport operator and warehousing
services provider, through which City Group will utilize Swvl's
Software as a Service ("SaaS") offerings in Kuwait. Under the partnership, Swvl and City
Group will work to provide the optimal transportation platform for
serving Kuwaiti residents, in an effort to simplify their daily
lives. The platform will feature a wide range of services,
including on-demand, door-to-door, ride hailing, ride sharing and
network buses, as well as school and corporate solutions.
Swvl and City Group will initially focus on the development of
an initial launch program titled "Citylink Shuttle." The program
will include demand responsive transportation ("DRT") and other
preferred services, with plans to scale services to 100 or more
vehicles over the following six months. Following the successful
completion of these phases, Swvl and City Group expect to initiate
a comprehensive platform onboarding of City Group's remaining
vehicles over a mutually agreed upon period.
Mostafa Kandil, Swvl Founder
and CEO, said, "We are excited to partner with City Group to
bring next generation of transportation solutions to Kuwait. We are deeply committed to the Kuwaiti
transport sector and believe that collectively, we have the unique
ability to transform the current offering and customer experience
for the benefit of the country's daily passengers. In the process,
we will make mobility more reliable, affordable, and
convenient."
Mr. Kandil continued, "This partnership is another great example
of how Swvl is leveraging strong and rapidly accelerating demand
for its SaaS and B2G offerings, in turn facilitating expansion into
new, attractive markets. We continue to demonstrate tremendous
progress against our business plan goals. This SaaS partnership
demonstrates the substantial synergies from our recent acquisitions
of a controlling stake in Shotl and door2door, both leading SaaS
platforms in Europe."
Youssef Salem, Swvl CFO,
said, "We believe the launch of Citylink Shuttle in Kuwait, which is incremental to our business
plan, provides Swvl with a compelling upside. It represents another
major organic SaaS market expansion after Swvl's recent expansion
into Brazil. The expansion of
Swvl's SaaS business, its highest profitability segment, is
expected to contribute to its plans to turn cash flow positive in
2023. Swvl's ability to pursue complimentary organic and inorganic
expansions including the recent acquisition of Urbvan and healthy
pipeline de-risk growth plans, increases capital efficiency and
provides further upside."
Dr. Dheeraj Bhardwaj, Group
CEO of City Group Co. said, "The core objective of Citylink
Shuttle" is to provide smooth and safe transportation to match
supply with demand efficiently in busy urban areas, in turn making
those areas congestion free.
DRT is a form of shared transport for travelling individuals and
groups. In this type of transport, vehicles alter their routes
automatically, using advanced machine learning and AI technologies,
based on transport demand without using fixed routes or timetabled
journeys. These vehicles typically pick-up and drop-off passengers
in specific stops according to the passengers' needs. The
technology ensures that the pickup and drop-off locations are
within walking distances from the passengers.
Citylink Shuttle will be a premium and an alternative service to
personal vehicles or taxis. It aims to address several requirements
by promoting optimized public transportation and majorly
supplements the public transportation in areas with little to no
access to it; and helps to organize transportation for everyone
going to work, appointments, shopping, schools etc. This attractive
service will translate into real savings for all, while offering
better access to mobility and having a positive impact on the
environment".
About Swvl
Swvl is a global provider of transformative tech-enabled mass
transit solutions, offering intercity, intracity, B2B and B2G
transportation across > 135 cities in > 20 countries. 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 began his career at Rocket Internet, where he
launched the car sales platform Carmudi in the Philippines, which became the largest car
classifieds company 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. He supported the
platform's expansion into multiple new markets.
For additional information about Swvl, please visit
www.swvl.com.
About City Group Co. KSCP
City Group is a leading transport operator and warehousing
service provider in Kuwait. City Group started its business
activities in 1977 and is one of the most successful business
houses in Kuwait.
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, the business combination with
Queen's Gambit Growth Capital, the estimated or anticipated future
results and benefits of the combined company following the business
combination, future opportunities for the combined company 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.
Investor Contact
Youssef Salem
Swvl CFO
Investor.relations@swvl.com
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