Swvl expands into Turkey
Swvl has agreed to acquire Volt Lines, a Turkey-based B2B and Transport as a Service mobility business. The acquisition builds on Swvl’s recent acquisitions of controlling stakes in Shotl and Viapool, and pending acquisition of door2door. The transaction with Volt Lines will strengthen Swvl’s position as the leading global provider of tech-enabled mobility solutions.
The closing of the transaction is subject to customary closing conditions and is expected to be completed in Q2 2022. Volt Lines Founder and CEO, Ali Halabi will continue to lead the Turkish business going forward.
Volt Lines has a strong presence in major Turkish cities including Istanbul and Ankara. The company provides corporate clients with a smart and cost-effective alternative to public transportation or ride hailing for commuters by utilizing a network of smartly routed shared buses. Through its monthly subscription option, Volt Lines facilitates consistent and reliable commutes for the employees of more than 110 companies, which increases productivity for all stakeholders.
Mostafa Kandil, Swvl Founder and CEO, said, "Volt Lines shares Swvl’s commitment to expanding opportunities and reducing emissions through forward-thinking mobility solutions. With this acquisition, we are deepening our presence in Europe, immediately expanding our enterprise client-base and continuing to deliver on our growth objectives. We look forward to welcoming the Volt Lines team to the Swvl family and working together to realize our shared vision of revolutionizing mass transit systems around the world.”
Volt Lines is forecasted to deliver 127 percent revenue CAGR since launching in 2018 through the end of 2022 and a 714 percent increase in customers since 2018 through the end of 2021.
Halabi added, "With Swvl’s global footprint, leading technology platform and proven ability to scale, we believe they are the ideal partner for Volt Lines to accelerate expansion. We are confident our solutions will meaningfully contribute to the Swvl platform, and together we will be able to deliver superior transportation alternatives for commuters around the world. We’re also excited about scaling our R&D centre in Istanbul into a global technology hub, giving Swvl a reliable access to Turkey’s technical talent.”
This acquisition marks another step that Swvl has taken to expand its footprint and to diversify its offerings globally.