Business

Ride sharing startup Swvl approaching a deal to publish on a women-led SPAC

Swvl Inc, a Middle East-based ride-sharing technology startup. Is approaching a deal to open due to a merger with a special-purpose company, people familiar with the matter said.

People said Dubai-based Swvl plans to merge with Queen’s Gambit Growth Capital to bring the company’s value to about $ 1.5 billion. Swvl was co-founded by Mostafa Kandil in 2017. MostafaKandil, formerly working for the carpooling company Careem, is now a subsidiary of Uber Technologies Inc.

Swvl operates primarily in the Middle East and Africa and offers ride sharing on mass transit, which suffers from unreliability. Its algorithms and technologies help make vehicles and routes more efficient. The company, for example, targets different types of users than Uber, focusing on customers who have no other choice of getting in and out of work or school. There are plans to expand not only to Europe but also to Latin America.

The Queen’s Gambit SPAC raised $ 300 million in January, named after the opening sequence of chess and the fact that it is led by a woman. At the time, SPAC said it was considering investing in target companies focused on sustainability in areas such as clean energy, healthcare, mobility and industry.

Investor groups, including Agility, Luxor Capital Group LP, and Zain Group, a mobile voice and data service operator in the Middle East and Africa, will invest an additional $ 100 million through private investment in public equity (PIPE) related to: It’s a schedule. The deal was said by people.

Ride sharing startup Swvl approaching a deal to publish on a women-led SPAC

Source link Ride sharing startup Swvl approaching a deal to publish on a women-led SPAC

Back to top button