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Swvl Announces First Quarter 2021 Results

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June 9, 2021 12:25 PM EDT

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June 9, 2021 12:25 PM EDT

Swvl Announces First Quarter 2021 Results

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Press Releases

Swvl, a transformative mass transit platform, announces business combination with Queen’s Gambit Growth Capital

Swvl to enhance board with appointment of three highly accomplished women and tech leaders

Concorduim and Swvl announce partnership for blockchain-based mass transit systems

Swvl expands into Europe, LATAM and APAC via acquisition of mass transit SaaS platform Shotl

Swvl completes pre-funding of $35.5 million of pipe to accelerate growth strategy

About Swvl

Swvl is a transformative tech-enabled mobility platform based in Dubai that enhances the safety, reliability, and convenience of mass transit in some of the world’s most challenging and complex emerging markets. It is uniquely positioned to capitalize on the $1tn global mass transit market opportunity with daily commuting, inter-city retail travel, and TaaS transportation solutions. Swvl currently operates in 32 cities and 16 countries across Europe, Africa, Asia, the Middle East, and Latin America. Growing faster than Via. The differentiated proprietary technology stack features dynamic routing and pricing for both driver supply and customer demand; smart assignment technology that optimizes the driver experience.

With a track record of exponential growth, Swvl achieved annual gross revenue growth of 430% over the past four years (2017–2020). More than 1.4 million riders to date have booked nearly 50 million rides with thousands of drivers on Swvl’s platform. TaaS offerings have grown gross revenue per client by 4x with ~115% net dollar retention over the past two years. Swvl has undergone rapid geographic expansion, including a launch into Europe one year ahead of schedule through the recent acquisition of Shotl, an on-demand bus platform with more than 10% market share in Europe and over 350K bookings to date. Forecasted gross revenue is $79 million in 2021 (annualized through year-end), $141 million in 2022, and $403 million in 2023, representing a projected ~150% CAGR from 2020 gross revenues of $26 million.

Swvl recently entered into a business combination with Queen’s Gambit Growth Capital. Implied, fully diluted equity value is $1.5bn, including an upsized PIPE of $100mn, of which $35.5mn has been pre-funded to accelerate the company’s growth plans. Swvl is the first $1bn+ unicorn from the region to list on NASDAQ and the first mass transit solutions company on any exchange. The PIPE was led by strategic and financial investors including Agility, Luxor Capital & Zain.

Founded on strong ESG principles, Swvl advances social and economic equity while reducing congestion by an estimated 14.4 million person-hours. The platform has prevented approximately 245 million pounds of Co2 emissions since its inception.

Board of Directors

Raachid Maalouli

Head of Strategy and Innovation

Head of Strategy and Innovation

Board of Directors

Raachid Maalouli

Head of Strategy and Innovation

Head of Strategy and Innovation

Leadership

Mostafa Kandil

CEO

At 24, Mostafa Kandil quit his job with a lofty goal: to redefine the $1 trillion global mass transit market, utilizing the power of AI and machine learning. Inspired by his upbringing in Egypt, the struggles he faced traveling home from Cairo to see his family, and the lack of safe transportation options for his mother and sisters, Kandil launched Swvl in 2017.


Kandil started his career at Rocket Internet in 2014, where he launched the car sales platform Carmudi in the Philippines, which became the largest car classifieds company in the country in just six months. He then served as Rocket Internet’s Head of Operations. In 2016, Kandil left Rocket Internet for Careem, a ride-sharing company and the first unicorn in the Middle East, where he supported the platform’s geographic expansion into new markets. Careem is now a subsidiary of Uber, based in Dubai, with operations across 100 cities and 15 countries.


Kandil graduated from the American University in Cairo in 2014 with a Bachelor’s Degree in Petroleum and Energy Engineering.

CFO

Youssef Salem

Youssef Salem is the CFO of Swvl who, at 29 years old, will become one of the youngest CFOs of a Nasdaq listed company at the close of the $1.5bn business combination with Queen’s Gambit which makes Swvl the first $1bn+ unicorn from the Middle East to list on Nasdaq.


Youssef is also an Advisor at Moelis & Company with 9 years of investment banking experience with Moelis and prior to that with QInvest. He executed > 20 infrastructure M&A, capital raises, and financings with > $65bn in value. These include leading the Abu Dhabi National Oil Company Transformation Program which generated > $25bn of proceeds from > 10 transactions, and the Saudi Aramco Portfolio Optimization Program which debuted this year with the $12bn transactions with EIG led consortium. He also executed > 25 transactions across other sectors such as TMT, FIG, and real estate, and sovereign advisory. These include leading the acquisition of a stake in the Empire State Realty Trust, debut Sukuk for Goldman Sachs and Governments of Luxembourg and Hong Kong, and venture debt for InMobi.


Youssef was previously an Adjunct Professor of Practice at the American University in Cairo (AUC). He has a Bachelor of Science from AUC and is a CFA Charter-holder and Fellow of the Society of Actuaries.

Contact Us

For Inquiries

investor.relations@swvl.com

Main Office

2nd and 8th Floor, The Offices 4, One Central,
Dubai World Trade Centre, Dubai - UAE

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