SWVL ENGAGES SIGNIFICANT FOREIGN DIRECT INVESTMENT IN ARGENTINA TO IMPROVE PUBLIC TRANSPORTATION THROUGHOUT THE COUNTRY

$15 million the initial investment is expected to generate thousands of jobs and self-employment opportunities over the next 3 years and further develop Swvl’s R&D capabilities

The commitment is based on the acquisition of Buenos AiresViapool-based transit platform that has been serving the mobility industry for over 11 years, serving over 80 institutional clients, including Unilever, Bayer, Mondelez, SAP, Nestlé, Siemens, Carrefour and Stellantis

DUBAIWATER, March 15, 2022 /PRNewswire/ — Swvl Inc. (“Swvl” or the “Company”), a global provider of transformative technology-based transit solutions, and the government of Argentina announced today that Swvl will become a major foreign direct investor in Argentina improve the reliability, safety and demand-responsiveness of public transit systems across the country. Swvl will make a first $15 million investment, which will be used to create jobs and self-employment opportunities over the next three years and further develop Swvl’s research and development capabilities through the establishment of an engineering center in Argentina. Additionally, Swvl intends to work with all interested parties to expand its B2C and B2B operations through Argentina with Swvl’s proprietary technology.

Swvl meets Argentinian officials

This step builds on Swvl’s previously announced acquisition of a majority stake in Viapoola public transport platform, founded in Argentinawith a unique first-mover advantage as the only on-demand bus call service provider in Buenos Aires, Argentina and Santiago, Chile, two high-growth markets. Viapool, which will be fully integrated into Swvl shortly, provides a conveniently located hub from which the company hopes to generate further expansion opportunities through South America. Viapool serves more than 80 corporate customers in South Americawhile its fixed bus routes reduce travel time by around 50%.

Mostafa KandilFounder and CEO of Swvlsaid: “We are delighted to strengthen our strategic commitment to Argentina together with the Argentinian government, with what we believe to be an attractive investment opportunity. Together, we will work to dramatically improve public transit capabilities nationwide while creating employment opportunities. In every country and locality where Swvl operates, we strive to work hand-in-hand with governments to derive maximum benefits for all stakeholders involved, and we believe that our platform, along with the day-to-day benefits that Argentines will have daily commutes, will have a transformative positive impact in Argentina. We look forward to continuing our collaboration with the Argentine government at all levels and with other relevant stakeholders, including local transport operators and their drivers, to advance mobility solutions that make everyday travel more accessible, safe, convenient and sustainable for all citizens of Argentina.”

Youssef SalemCFOsaid: “With this multi-year financial commitment and our acquisition of a majority stake in Viapool, Swvl demonstrates its commitment to improving mobility through Argentina. These investments and collaborations reinforce our mission to enable riders and riders to realize greater economic opportunity, our R&D capabilities across multiple engineering centers, and our organic and inorganic geographic expansion. Going forward, we plan to deploy additional capital and resources to further expand our operations across South Americabecause the region presents enormous growth opportunities and an attractive unitary economy.”

Today’s Swvl meeting was with the following officials:

  • Matías Kulfas, Minister of Productive Development;

  • Cafe SantiagoMinister of Foreign Affairs;

  • Daniel FilmusMinister of Science, Technology and Innovation;

  • Cecile Todesca, Secretary for International Economic Relations; and

  • María Apólito, Undersecretary for Knowledge Economy.

About Swvl

Swvl is a global provider of transformative technology transit solutions, offering intercity, intracity, B2B and B2G transportation in 115 cities in 18 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 on Swvl, please visit www.swvl.com.

Media Contact

Daniel Younger
Kekst CNC
[email protected]
917-574-8582

Contact Investor

Youssef Salem
CFO Swvl
[email protected]

(PRNewsfoto/Swvl Inc.)

(PRNewsfoto/Swvl Inc.)

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SOURCE Swvl Inc.

Melvin Z. Madore