to accelerate its growth strategy
Swvl completes pre-financing of $35.5 million
Swvl, a Dubai-based provider of mass transit and shared mobility solutions, announced yesterday that several investors, including Agility and Chimera Abu Dhabi, have completed pre-financing of $35.5 million from the total private investment subscription. In Public Equity (PIPE), which has been collected in connection with the business combination, proposed by the Company, with Queens Gambit Growth Capital.
Swvl has a comprehensive growth strategy that aims to generate about $1 billion in total annual revenue, and expand to more than 30 cities in more than 20 countries, by 2025. The proceeds, raised through the pre-financing process, are expected to lead to To accelerate these expansion efforts, and to increase Swvl's investment in its technology platform.
Swvl Founder and CEO, Mostafa Kandil, said: “We appreciate that many of the world's most reputable investors have clear confidence in our growth strategy, and with this immediate influx of growing capital, we are better positioned to offer daily urban mobility services. Our core business, intercity travel services, and transportation service (TaaS) offerings for new markets, we strive every day to advance our mission to reshape the trillion-dollar mass transit sector and provide it with technology-enabled solutions.”
For his part, Vice Chairman of the Board of Directors of Agility, Tariq Sultan, said: “We have seen the tremendous power of the mass transit platform (Swvl) in our largest market, and after getting to know the team of this company closely, during the past few months, it has formed We have complete confidence in his ability to find solutions to address complex mobility challenges. We are excited to accelerate SWVL’s global expansion with this funding, and look forward to exploring strong opportunities to build cooperation both strategically and operationally.”
According to the executed subscription agreements, PIPE investors have previously purchased exchangeable bonds from Swvl.
Upon closing of the Swvl business merger deal with Queens Gambit Growth Capital, each redeemable bond will be automatically exchanged for the combined company's shares, at an exchange rate of $8.50 per share. In common stock (PIPE), through the purchase price of redeemable securities.
Swvl’s Chief Financial Officer, Youssef Salem, explained that “this pre-financing results in great value for all Swvl shareholders, as the company will employ the capital in strategic and incremental expansions with a high return on capital, in addition to Swvl’s business plan. ) current.
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