Swvl adds new key partner, City Group, the leading public transport operator in Kuwait, to its SaaS offering

NEW YORK, August 1, 2022 /PRNewswire/ — Swvl Inc. (“Swvl” or the “Company”) (NASDAQ: SWVL), a global provider of transformative technology transit solutions, today announced that it has entered into a strategic partnership with City Group Co. KSCP (“City Group”), a leading transportation operator and warehousing service provider, through which City Group will use Swvl’s software as a service (“SaaS”) offerings in Kuwait. Under this partnership, Swvl and City Group will strive to provide the optimal transportation platform to serve Kuwaiti residents, with the aim of simplifying their daily lives. The platform will offer a wide range of services, including on-demand, door-to-door, carpooling, carpooling and network buses, as well as school and business solutions.

Swvl and City Group will initially focus on developing an initial launch program called “Citylink Shuttle”. The program will include demand-responsive transportation (“DRT”) and other preferred services, with plans to expand services to 100 or more vehicles over the next six months. Following the successful completion of these phases, Swvl and City Group plan to launch a full onboarding platform for City Group’s remaining vehicles over a mutually agreed period.

Mostafa KandilFounder and CEO of Swvlsaid, “We are thrilled to partner with City Group to bring the next generation of transportation solutions to Kuwait. We are deeply committed to the Kuwaiti transport industry and believe that collectively we have the unique ability to transform the current offering and customer experience to the benefit of the country’s daily passengers. By doing so, we will make mobility more reliable, affordable and convenient.”

Mr. Kandil continued, “This partnership is another great example of how Swvl is leveraging strong and rapidly accelerating demand for its SaaS and B2G offerings, facilitating expansion into attractive new markets. We continue to make significant progress against our business plan objectives. This SaaS partnership demonstrates the substantial synergies of our recent acquisitions of a majority stake in Shotl and door2door, the two leading SaaS platforms in Europe.”

Youssef SalemCFOsaid: “We believe that the launch of Citylink Shuttle in Kuwait, which is added to our business plan, gives Swvl a compelling advantage. It represents another major expansion of the organic SaaS market after Swvl’s recent expansion into Brazil. The expansion of Swvl’s SaaS business, its highest profitability segment, should contribute to its plans to be cash flow positive in 2023. Swvl’s ability to pursue complementary organic and inorganic expansions, including the recent acquisition of Urbvan and sound growth plans to reduce risk, increase capital efficiency and provide additional upside.”

dr. Dheeraj BhardwajCEO of City Group Co. “The main objective of Citylink Shuttle” is to provide smooth and safe transport to efficiently match supply with demand in busy urban areas, making these areas free of traffic jams.

The DRT is a shared means of transport for individual travelers and groups. In this type of transportation, vehicles automatically change their routes, using advanced machine learning and artificial intelligence technologies, based on transportation demand, without using fixed routes or scheduled trips. These vehicles usually pick up and drop off passengers at specific stops based on passenger needs. The technology ensures that pick-up and drop-off locations are within walking distance of passengers.

Citylink Shuttle will be a premium and alternative service to personal vehicles or taxis. It aims to meet several requirements by promoting optimized public transport and mainly complements public transport in areas with little or no access; and helps arrange transportation for everyone to get to work, appointments, shopping, school, etc. This attractive service will result in real savings for all, while offering better access to mobility and having a positive impact on the environment”.

About Swvl

Swvl is a global provider of transformative technology transit solutions, offering intercity, intracity, B2B and B2G transportation in >135 cities in >20 countries. The Company’s platform provides free semi-private alternatives to public transportation for people who cannot access or afford private options. Every day, Swvl’s parallel transit systems get people where they want, when they want – making mobility safer, more efficient, accessible and environmentally friendly. Customers can book their rides on an easy-to-use proprietary app with various payment options and 24/7 access to high-quality private buses and vans.

Swvl was co-founded by Mostafa Kandilwho began his career at Rocket Internet, where he launched the Carmudi car sales platform in The Philippines, which became the nation’s largest automotive classifieds company in just six months. He then served as Chief Operating Officer of Rocket Internet. In 2016, Kandil joined Careem, a ride-sharing company and the first unicorn in the world. Middle East. He supported the platform’s expansion into several new markets.

For more information about Swvl, please visit www.swvl.com.

About City Group Co. KSCP

City Group is a leading transportation operator and warehousing service provider in Kuwait. City Group began trading in 1977 and is one of the most successful trading houses in Kuwait.

Forward-looking statements

Certain statements made herein are not historical facts but are forward-looking statements. Forward-looking statements are generally accompanied by words such as “believe”, “may”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, ” should”, “should”, “plan”, “predict”, “potential”, “seem”, “seek”, “future”, “prospects” and similar expressions which predict or indicate future events or trends or which do not are not statements of historical matters.Such forward-looking statements include, but are not limited to, statements regarding future events, the business combination with Queen’s Gambit Growth Capital, estimated or anticipated future results and benefits of the combined company. following the business combination, future opportunities for the combined company and other statements that are not historical facts.

These statements are based on the current expectations of Swvl’s management and are not predictions of actual performance. These forward-looking statements are provided for informational purposes only and are not intended to serve and should not be relied upon by any investor as a guarantee, assurance, prediction or definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from the assumptions. Many actual events and circumstances are beyond Swvl’s control. These statements are subject to a number of risks and uncertainties relating to Swvl’s business, and actual results may differ materially. These risks and uncertainties include, but are not limited to: general economic, political and business conditions, including, but not limited to, economic and operational disruptions and other effects of the COVID-19 pandemic; the outcome of any legal action that may be brought against the parties as a result of the completion of the business combination; failure to realize the anticipated benefits of the business combination; the risk that the business combination will disrupt ongoing plans and operations following the completion of the business combination; the ability of the combined company to execute its growth strategy, manage its growth profitably and retain its key employees; competition with other companies in the mobility industry; Swvl’s limited operating history and lack of experience as a public company; the recent implementation of certain policies and procedures to ensure compliance with applicable laws and regulations, including with respect to anti-bribery, anti-corruption and cyber protection; the risk that Swvl may not be able to execute its growth plan, which depends on rapid international expansion; the risk that Swvl may not be able to attract and retain high quality consumers, qualified drivers and other personnel; the risk that Swvl may not be able to protect and enforce its intellectual property rights; the risk that Swvl may not be able to determine user demand to develop new offers on its platform; difficulty in obtaining required registrations, licenses, permits or approvals in the jurisdictions in which Swvl currently operates or may operate in the future; the fact that Swvl currently operates and intends to expand into jurisdictions that are, or have been, characterized by political instability, may have inadequate or limited regulatory and legal frameworks and may have treaties or other limited arrangements, if any, in place to protect foreign investment or participation; the risk that Swvl drivers will be classified as employees, workers or quasi-employees in the jurisdictions in which they operate; the fact that Swvl has operations in countries known to experience high levels of corruption and is subject to territorial anti-corruption laws in those jurisdictions; the ability of Swvl to maintain the listing of its securities on the Nasdaq; costs related to the business combination; Swvl’s acquisitions of controlling interests in Shotl Transportation, SL, Viapool Inc. and door2doorGmbH may not be beneficial to Swvl due to the cost of integrating geographically disparate operations and diverting management’s attention from its existing activities, among others; and other risks which will be detailed from time to time in filings with the United States Securities and Exchange Commission. The above list of risk factors is not exhaustive. There may be additional risks that Swvl is not currently aware of or that Swvl currently believes to be immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements provide Swvl’s expectations, plans or forecasts regarding future events and beliefs as of the date of such communication. Swvl anticipates that subsequent events and developments will cause Swvl’s assessments and projections to change. However, while Swvl may choose to update these forward-looking statements in the future, Swvl specifically disclaims any obligation to do so. These forward-looking statements should not be taken to represent Swvl’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed on forward-looking statements.

Contact Investor

Youssef Salem
CFO Swvl
[email protected]

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Melvin Z. Madore