Dubai-based shared mobility services provider Swvl has entered into a definitive agreement to acquire UK-based smart bus platform and technology start-up Zeelo, as it continues to expand globally.
The deal will expand Swvl's worldwide footprint to 146 cities across 21 countries, including immediate entry into two big markets, the US and South Africa, while boosting its sustainable business model, it said on Friday.
The terms of the deal, which is expected to be finalised in May, were not disclosed.
“Swvl and Zeelo share a vision and mission to provide reliable transportation that gets riders where they need to go in an affordable, safe and environmentally friendly manner,” said Mostafa Kandil, founder and chief executive of Swvl.
“Zeelo rapidly advances our leading market position as a provider of technology-enabled mass transit solutions on a global scale.”
Swvl's acquisition of Zeelo follows other agreements forged by the $1.5 billion company, which listed on the Nasdaq last month after merging with a special-purpose acquisition company (Spac).
Earlier this week, Swvl, which was incorporated in Cairo, agreed to acquire Turkish mass transit company Volt Lines to further expand its operations in Europe.
The company bought Berlin-based technology-enabled mass transit solutions provider door2door last month.
It also acquired a controlling stake in Shotl, an Uber-like service in Barcelona for bus and van operators, last August.
In November, it acquired a controlling interest in Argentina's Viapool to help its expansion within Latin America.
The mobility-as-a-service market was valued at about $12bn in 2020 and is projected to grow up to $60bn by 2026 at a compound annual rate of more than 30 per cent, according to Mordor Intelligence.
Zeelo offers daily bus commutes to frontline workers and students through contracts with organisations and family-run bus operator networks.
Its system is used by large businesses, staffing agencies, independent schools and universities across the UK, South Africa and the US.
The Zeelo acquisition is expected to help Swvl in supporting the shift from single-occupancy vehicles to zero-emission mass transit as it seeks to tap into opportunities in both the labour and education segments.
The deal would “firmly establish smart bus transport as the best-in-class shared mobility solution that takes account of all income levels and the needs of ordinary, every-day travellers”, said Sam Ryan, founder and chief executive of Zeelo.
“Bus transport done well with tech can take us beyond our dependency on cars and taxis, which are not suitable for commutes from non-urban areas … especially shift workers, professionals and students living in transport-poor areas in the developed markets.”
Swvl, which was founded in 2017, allows commuters to reserve seats on private buses operating on fixed routes and pay fares using its mobile app.
It has intercity and intra-city buses and offers transport services to business and governments.
The latest agreement will enable Swvl to offer business-to-business mobility solutions that reduce operational costs for its clients, the company said.
It also aims to tap into the light-delivery model by partnering with existing fleet partners, including more than 200 bus operators in the UK and the US.
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
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Engine: 4 liquid-cooled permanent magnet synchronous electric motors placed at each wheel
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ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
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Why seagrass matters
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1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
UAE SQUAD
UAE team
1. Chris Jones-Griffiths 2. Gio Fourie 3. Craig Nutt 4. Daniel Perry 5. Isaac Porter 6. Matt Mills 7. Hamish Anderson 8. Jaen Botes 9. Barry Dwyer 10. Luke Stevenson (captain) 11. Sean Carey 12. Andrew Powell 13. Saki Naisau 14. Thinus Steyn 15. Matt Richards
Replacements
16. Lukas Waddington 17. Murray Reason 18. Ahmed Moosa 19. Stephen Ferguson 20. Sean Stevens 21. Ed Armitage 22. Kini Natuna 23. Majid Al Balooshi
FIGHT INFO
Men’s 60kg Round 1:
Ahmad Shuja Jamal (AFG) beat Krisada Takhiankliang (THA) - points
Hyan Aljmyah (SYR) beat Akram Alyminee (YEM) - retired Round 1
Ibrahim Bilal (UAE) beat Bhanu Pratap Pandit (IND) - TKO Round 1
Men’s 71kg Round 1:
Seyed Kaveh Soleyman (IRI) beat Abedel Rahman (JOR) - RSC round 3.
Amine Al Moatassime (UAE) walk over Ritiz Puri (NEP)
RESULTS
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