Egyptian mobility startup SWVL has acquired Turkey-based B2B mobility startup Volt Lines. The deal values the startup at over $40 million.
As part of the deal, Volt Lines will establish an R&D centre dedicated to supporting SWVL’s expansion plans.
The acquisition follows Swvl’s recent acquisitions of controlling stakes in Shotl and Viapool, and the pending acquisition of door2door.
Founded in 2018, Volt Lines has a strong presence in major Turkish cities including Istanbul and the capital Ankara. The company provides corporate clients with a smart and cost-effective alternative to public transportation or ride-hailing for commuters by utilizing a network of smartly routed shared buses.
Mostafa Kandil, Swvl Founder and CEO, said, “Volt Lines shares Swvl’s commitment to expanding opportunities and reducing emissions through forward-thinking mobility solutions. With this acquisition, we are deepening our presence in Europe, immediately expanding our enterprise client-base and continuing to deliver on our growth objectives. We look forward to welcoming the Volt Lines team to the Swvl family and working together to realize our shared vision of revolutionizing mass transit systems around the world.”
Ali Halabi, Volt Lines Founder and CEO, said, “When we launched Volt Lines four years ago, we set out to deliver a revolutionary transit experience to make commuting more reliable and affordable in Istanbul. With Swvl’s global footprint, leading technology platform, and proven ability to scale, we believe they are the ideal partner for Volt Lines to accelerate the expansion of our platform. We are confident our solutions will meaningfully contribute to the Swvl platform, and together we will be able to deliver superior transportation alternatives for commuters around the world. We’re also excited about scaling our R&D center in Istanbul into a global technology hub, giving Swvl a reliable access to Turkey’s technical talent.”
Youssef Salem, Swvl CFO, said, “The acquisition of Volt Lines expands on Swvl’s position as a leader of mobility solutions, with a clear opportunity to scale the platform globally. Volt Lines brings an extensive list of multinational customers that we are excited to continue to grow relationships with as we provide them with the transportation solutions they need. This acquisition marks another decisive step that Swvl has taken to expand its footprint and to diversify our offerings globally. As always, we are evaluating a host of compelling opportunities to further our position as a leading provider of tech-enabled mobility solutions.”