It is headquartered in Dubai and provides its services in 10 cities around the world

"Swvl": a trillion dollars the size of the global mass transit market solutions

  • The current number of Swvl employees is about 700.

    From the source

  • Mustafa Kandil: “The company will focus in the coming years on growth and expansion in several countries, and our business in the UAE and Saudi Arabia is making profits.”


Mustafa Kandil, president and founder of SWVL, a Dubai-based provider of mass transit and shared mobility solutions, said that the company provides services in 10 cities around the world, where the beginning was in 2017, and the current number of SWVL employees is about 700 The company, which specializes in providing mass transit solutions, offers millions of trips per month.

In statements to CNBC Arabia, Kandil pointed out that the market in which SWVL operates is estimated at one trillion dollars, which provides great opportunities for the company to expand, especially with its growth rate of 430% since its launch.


Regarding the resort to listing through (SPACs) or “the acquisition company for special purposes”, the founder of the company explained that the reason is due to the rapid trend towards growth at the fastest pace, noting that (SPACs) are the fastest to raise funds, and a revolutionary way to offer, especially in the technology sector.

Swvl recently revealed that it has entered into a definitive agreement with Queen's Gambit Growth Capital (NASDAQ: GMBT), the first special purpose acquisitions firm led by an entire management team of Female cadres, for the purpose of business integration that would lead to the transformation of “Swvl” into a public joint stock company.

Upon completion of the proposed transaction, the publicly traded company will be named "Swvl Holdings Corp" and is expected to be listed on the Nasdaq Stock Exchange under the trading symbol "SWVL."

With an implied and fully diluted equity value of about $1.5 billion, Dubai-based Swvl is expected to become the first more than $1 billion company in the Middle East to be listed on the Nasdaq Stock Exchange, in addition to being the only company based on Technology-backed mass transit solutions, listed on any stock exchange.

financing rounds

The founder of "Swvl" confirmed that the company had entered into five financing rounds, through which it raised more than $190 million, noting that the company expects to grow by more than 28 times over the next four years, explaining that in 2017, revenues were up to $ 100,000 to jump to $26 million in the first three months of 2020, which equates to total revenue for the entire year of 2019.

Kandil revealed that the company achieves profitability in most of the countries in which it operates, considering that the technology used by the company is one of the main elements in its evaluation, which distinguishes it from others, pointing out that the company will focus in the coming years on growth and expansion in several countries, and that Our business in Saudi Arabia and the UAE is profitable.

He added that the collected funds will be distributed part of it for growth in the markets of Europe and America, and the other part for the markets in which work is currently being carried out, such as Cairo and Karachi.

Burj Khalifa turns into a giant screen to celebrate Swvl

The "Burj Khalifa", the day before yesterday, turned into the largest creative display screen, to announce the conclusion of "Swvl" a final agreement to merge with "Queens Gambit Growth Capital", after a tweet by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and President of the State The Cabinet and Ruler of Dubai, for the 28-year-old young Arab entrepreneur, Mustafa Qandil, who was able to build a company for smart solutions for mass transit from Dubai, worth $1.5 billion.

On this occasion, His Highness stressed that "Dubai will remain a platform for all Arab youth who aspire to universality."

His Highness wrote through his official account on Twitter: "Mustafa Kandil is a 28-year-old Arab youth who was able to build a company from Dubai worth more than one and a half billion dollars, to be listed on the Nasdaq Stock Exchange, SWVL for smart solutions for mass transit. , which operates in many countries, congratulations, Mustafa, and Dubai will remain a platform for all Arab youth who aspire to globalization.”

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