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SWVL to go public following merger with SPAC

SWVL to go public following merger with SPAC

ArabFinance: Mass transportation startup Swvl could soon go public through a merger with the US SPAC Queen’s Gambit Growth Capital, the Wall Street Journal reported.

The ridesharing app will debut on the Nasdaq after reaching a roughly $345 million “de-SPAC transaction agreement” that values Swvl at roughly $1.5 billion.

Queen’s Gambit Growth Capital reportedly raised some $300 million from a group of unnamed investors earlier this year and brought on an additional $45 million in investment through the underwriters’ overallotment option. 

In addition, four new members will join Swvl’s advisory board once the transaction goes through, including Queen’s Gambit CEO Victoria Grace, an unnamed SPAC executive, and two others, according to the WSJ.

The transaction, which would effectively see Queen Gambit take Swvl public via merger, will likely accelerate Swvl’s plans, which include tapping into at least 50 new markets in the short term.

Developing markets, particularly in Latin America and Asia, will soon become the focus of Swvl’s expansion.

Founded in 2017, SWVL offers intra and inter city travel options, along with B2B partnerships with public and private institutions aimed at transporting students and employees.

Since its founding, the company has moved its headquarters and base of operations from Egypt to the UAE and now operates in Jordan, Kenya and Pakistan.

 

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