Swvl is a Dubai-based ride-hailing company. The company is planning to go public in the US. For this, they are tying hands with a special purpose acquisition company, Queen’s Gambit Growth Capital. The merged entity will be known under the symbol “SWVL”.
The merger values Swvl at $1.5 billion which includes funds from Agility, Luxor Capital Group, and Zain. The IPO which the company plans will make it the first unicorn startup from the Middle East to be listed on Nasdaq. the funds attained will be used for the global expansion of the company besides bankroll. It also expects to attain $1 billion annual gross revenue.
Swvl was founded in 2017 by Mostafa Kandil, who was a former Rocket Internet Executive. The company focuses on ride-sharing enabling mass transportation unlike Uber and Gojek and has operations now in 10 countries.
The company hopes to increase its revenue to $79 million from the $26 million it attained last year.