It has been announced that Volt Lines, the transportation startup founded in 2018 and serving more than 110 companies, will be acquired by Dubai-based Swvl. While the purchase price was stated as $40 million, it was also learned that Swvl will set aside $25 million in additional funds to expand in Turkey.
Established in 2018 and providing a new generation transportation service in personnel transportation in our country Volt Linesa Dubai-based multinational private transportation service (MaaS) offering similar services swvl Bought by. Today, the company, which provides services in 18 countries in Europe, Latin America, Africa and Asia, entered the Turkish market with this acquisition.
According to the shared information, Swvl to buy Volt Lines $40 million payout and Turkey decided to allocate a $25 million fund to continue growth in the region. While the said purchase is expected to be completed in the second quarter of this year, a statement came from Volt Lines founder Ali Halabi about the purchase.
Statement from Volt Lines founder
“When we founded Volt Lines four years ago, we set out to offer a revolutionary public transportation experience to make transportation more reliable and affordable in Istanbul. We are also excited to provide Swvl with reliable access to Turkey’s technical talent by transforming our R&D center in Istanbul into a global technology hub.”
Founded by Mostafa Kandil in Egypt in 2017, Swvl has signed an agreement with Queen’s Gambit Growth Capital. 1.5 billion dollars reached market value. List of the world’s largest technology companies on April 1, 2022 on the Nasdaq stock market It started to be listed as ‘SWVL’.
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Source :
https://www.bloomberg.com/news/articles/2022-04-25/swvl-buys-turkish-transit-firm-volt-lines-in-latest-deal-spree