Business & Technology

Egyptian Swvl Acquires Turkish Subscription-based Transportation Service Volt Lines

mm
Egyptian Swvl Acquires Turkish Subscription-based Transportation Service Volt Lines

Photo via Enterprise Press

Cairo-born shared transportation service provider Swvl has acquired Turkish transportation-as-a-service operator Volt Lines, further expanding its operations.

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.

 

View this post on Instagram

 

A post shared by Volt Lines (@voltlines)


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.

Egyptian Archaeological Team Unearths Zeus Cassius Temple Remains
Egypt Introduces the First Psychotherapy Clinic for Abused Women

Subscribe to our newsletter


Business & Technology
mm

A journalism graduate from the American University in Dubai who is curious, spontaneous, and often rebellious, Marina is a passionate Cairo-based journalist who aspires to become one of the most influential women in the Middle East. She likes to follow her heart and express that through words; her favorite form of expression.

More in Business & Technology

What Did Egyptians Stop Buying Because of Overpricing?

Marina Makary3 November 2022

Why Did Egyptian Banks Regulate Spending Abroad?

Marina Makary2 November 2022

Egyptian Money-Pooling Startup ‘Money Fellows’ Raises $31 Million in Funding

Shereif Barakat31 October 2022

How an Egyptian Startup Became the Leading Esports Platform in the Middle East

Marina Makary25 October 2022

Meet the Egyptians on the 2022 Forbes Middle East 30 Under 30 List

Shereif Barakat8 October 2022

Ramses: The Car That Symbolized Egypt’s Industrial Revolution

Shereif Barakat5 October 2022

5 Tech Innovations Waiting to Take Off in Egypt

Shereif Barakat4 October 2022

This Egyptian App Introduces Co-Ownership to Face Soaring Vacation Home Prices

Shereif Barakat3 October 2022