Swvl, an Egyptian startup that provides transformative mass transit and shared mobility solutions, has announced a definitive agreement to purchase a controlling interest in Shotl, a mass transit platform that partners with municipalities and corporations to provide on-demand bus and van services across Europe, LATAM, and APAC – optimizing public transportation systems and reducing reliance.
The concept that offering accessible and equitable mobility solutions provide a pathway to social and economic empowerment through access to better jobs, healthcare, and education is central to both companies’ missions.
Shotl is solving transportation voids in suburbs, cities, and campuses with an on-demand platform that is simple to use, flexible, and sustainable. With a presence in 22 cities across 10 countries, including Brazil, Japan, and a pan-European footprint, over 350,000 bookings to date, more than 10% market share in Europe, and rapid adoption, Shotl is solving challenges posed by transportation voids in suburbs, cities, and campuses with an on-demand platform that is simple to use, flexible, and
Shotl collaborates with governments, municipalities, and businesses to reach people who live or work in low-density areas that are underserved by existing mass transit and ride-sharing options, such as senior citizens and people with limited mobility, who frequently lack equitable access to transportation.
Shotl will now be able to use Swvl’s unique technology to improve route optimization and vehicle load while minimizing traffic congestion.
“Our two firms share the belief that traditional public transit must be transformed to make it more accessible, convenient, and sustainable,” said Swvl Founder and CEO Mostafa Kandil.
“Shotl’s vision for the future of mobility – with an emphasis on electrification, congestion reduction, and affordability – is exactly what Swvl has already accomplished in ten emerging market megacities and the reimagined model for public transportation systems around the world. Swvl is meaningfully expanding its key markets, in line with our publicly stated growth targets, thanks to Shotl’s strategic alliances, quickly rising user base, and extensive knowledge of its market landscapes.”
“We are thrilled to be joining the Swvl team and look forward to working together to fulfill our common ambition of creating more fair and accessible mass transit networks around the world,” said Gerard Martret, Shotl’s CEO and co-founder. “With the quick expansion and unrivaled tech-enabled products, Swvl has established itself as an industry leader in just a few years.
Subject to customary closing conditions, the transaction is scheduled to occur in the fourth calendar quarter of 2021.
Read more on Tech Gist Africa:
Jumia and Solar Taxi Join Forces to Deliver Eco-Friendly and Affordably
Plentywaka Acquires Stabus Ghana After securing $1.2 Million in seed funding
Odiggo, an auto tech startup based in Egypt and the UAE, has received a $2.2 million seed round