SWVL Holdings, a global supplier of disruptive tech-enabled mass transit solutions, has today announced its completion of a formal agreement to acquire Zeelo, the United Kingdom-based largest smart bus platform, and technology scale-up by bookings, for $100 million.
Swvl’s recent successful acquisitions of Viapool and Shotl, as well as previously announced acquisitions of Volt Lines and door2door, provide a springboard for quickly establishing and expanding business operations in three strategic developed markets, including the United Kingdom, South Africa, and the United States, with Zeelo’s seasoned team of over 160 employees globally, including 29 software engineers based in Zeelo’s R&D hub in Barcelona.
Swvl will use Zeelo’s well-known dedication to pushing the move from single-occupancy vehicles to zero-emission mass transit and deploying mobility services to link more people to job and educational opportunities as a result of the purchase. In May 2022, the deal is scheduled to be finalized.
Mostafa Kandil founded SWVL with his cofounder, Ahmed Sabbah in 2017. It currently operates in over 115 cities across 20 countries, spanning four continents, it is a global provider of innovative technology-enabled mass transit solutions, including intercity, intracity, business-to-business (B2B), and business-to-government (B2G) transportation. Customers can book their journeys through a simple-to-use proprietary software that offers a variety of payment choices as well as access to high-quality private buses and vans around the clock.
Commenting on the deal, Mostafa Kandil, Swvl Founder and CEO, said, “Swvl was founded on the belief that accessible transportation is essential to unlocking economic opportunity. Swvl and Zeelo share a vision and mission to provide reliable transportation that gets riders where they need to go in an affordable, safe, and environmentally-friendly manner. With an impressive suite of turnkey TaaS and SaaS solutions and an established footprint in the United Kingdom, South Africa, and the United States, Zeelo rapidly advances our leading market position as a provider of technology-enabled mass transit solutions on a global scale.”
Sam Ryan, the Founder, and CEO of Zeelo said, “Swvl is revolutionizing the mass transit industry and we are thrilled to join forces with them on this next phase of Zeelo’s journey to firmly establish smart bus transport as the best-in-class shared mobility solution that takes account of all income levels and the needs of ordinary, every-day travelers. Bus transport done well with tech can take us beyond our dependency on cars and taxis which are not suitable for commutes from non-urban areas. We look forward to bringing Swvl insights from Zeelo’s strategic pivot during the global pandemic and we’ve been impressed by Swvl’s fast growth in challenging markets. We are excited to leverage their global experience as we embark on a shared journey to develop safe, affordable, and low emission mass transportation options, and expand economic opportunity for the people who need it most through our mobility solution. Especially shift workers, professionals, and students living in transport-poor areas in the developed markets.”
Youssef Salem, Swvl CFO, added, “The acquisition of Zeelo offers Swvl a superb entry point into the US and South Africa, extends our position in the UK, and provides a complementary suite of new mobility products. Combined with our past acquisitions and announced acquisitions, today’s announcement further demonstrates our ability to utilize our growth capital and public currency to pursue organic and inorganic strategic initiatives. We look forward to capitalizing on the numerous opportunities provided by this transaction to advance our market position as a provider of technology-enabled mass transit solutions on a global scale.”
Zeelo is an asset-light technology company that uses B2B contracts with organizations and family-run bus operator networks to enhance everyday bus travel to satisfy the requirements of frontline employees and students. Large enterprises, employment agencies, independent schools, and colleges in the United Kingdom, South Africa, and the United States use Zeelo’s technology to give a private travel alternative to persons living in locations with weak transportation links. A driving accreditation school, outsourced fleets, and proprietary technology, including a SaaS platform and several customer applications that use smart GPS route optimization and ride-sharing software, are all part of the company’s services business.