Swvl, a United Arab Emirates-headquartered transport booking platform developer backed by ride hailing service Careem and diversified holding company Almajdouie, has agreed to list through a reverse takeover.
The company is merging with Queen’s Gambit Growth Capital, a special purpose acquisition company that floated on the Nasdaq Capital Market in a $300m initial public offering in January this year.
Mobile voice and data services provider Zain, logistics firm Agility and hedge fund manager Luxor Capital Group are among the participants in a $100m private investment in public equity deal supporting the transaction at an implied valuation of approximately $1.5bn.
Swvl is the owner of a mobile app which allows users across 10 in Africa, Asia and the Middle East to book journeys on private buses and vans it operates. Its shareholders will retain 65% of the combined business.
The company had raised just over $80m prior to the deal, most recently securing $42m from Vostok Ventures, Beco Capital, MSA, Endeavor Catalyst, Jasoor Ventures, Sawari Ventures, Arzan Venture Capital, Blustone, San Autotech Ventures and Michael Lahyani in mid-2019.
Beco Capital, DiGame and Silicon Badia co-led Swvl’s $30m series B round at a valuation of nearly $100m in November 2018, investing with Almajdouie vehicle Raed Ventures, Arzan VC, Sawari Ventures, Oman Technology Fund, Dash Ventures, Esther Dyson and Emilian Popa.
Swvl had previously received $8m in series A funding from Raed Ventures, Beco Capital, DiGame, Silicon Badia, Arzan VC, Oman Technology Fund and Esther Dyson seven months earlier, Careem having supplied $500,000 in funding the previous year.
