This marks Swvl’s fourth acquisition since August 2021, after Spain’s Shotl, Latin America’s ViaPool, which operates in Argentina and Chile, and Berlin-based Door2Door, operating across Europe.
Although Swvl did not disclose the financial details of the deal, according to Bloomberg, the sale values Volt Lines at $40 million.
On their official Instagram account, Volt Lines said they were “thrilled” at the news. “The acquisition comes with another USD 25 million [EGP 463 million] on top to be invested in Turkey,” the post said.
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Founded in 2018, Volt Lines provides corporate clients with an alternative to public transportation or ride-hailing by using a network of shared buses.
Dubai-based Swvl was founded by Egyptian entrepreneurs Mostafa Kandil, Mahmoud Nouh, and Ahmed Sabbah in 2017. The three friends started the company as a bus-hailing service in Egypt to fix the problem of transportation, later expanding with other ride-sharing services in emerging markets.
Today, Swvl operates through an app in 115 cities across 18 countries and four continents.