Mass transit technology specialist Swvl plans to acquire shared mobility platform Urbvan Mobility for an undisclosed sum.
Mexico-based Urbvan provides “tech-enabled” transportation services, and the acquisition will accelerate Swvl’s goal of providing smarter, more affordable mass transport for all.
Urbvan, founded in 2016, operates in 18 cities across Mexico, providing urban and intercity transportation as well as rides for private organizations and private on-demand services.
The acquisition, which is Swvl’s sixth in the past year, is expected to close in the third quarter of 2022.
Dubai-based Swvl announced the acquisitions of smart bus platform Zeelo and Volt Lines in April.
The company, which listed on the Nasdaq in April following a merger with Queen’s Gambit Growth Capital, also acquired European mobility platform Door2Door earlier this year.
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Mostafa Kandil, founder and CEO of Swvl, says: "Urbvan was founded on the same principles as Swvl - to address the inefficiencies found in traditional mass transit in many parts of the world. With a significant footprint in Mexico, an impressive suite of transport as a service (TaaS) offerings and strong relationships with local government players, this acquisition reinforces Swvl’s position as a leading provider of safer and more reliable mobility solutions, which are required for vulnerable people living in densely populated, challenging markets with vast geographies.”
Renato Picard, co-founder and co-CEO of Urbvan, says: "Swvl and Urbvan share a vision to remodel mass transit to be safer for everyone, no matter their gender or social class, in the most challenging and densely populated urban neighborhoods in Latin America. We are excited to partner with Swvl as we work to illustrate best practices for tech-optimized day-to-day travel in Mexico. This transaction positions Urbvan to leverage Swvl’s global offerings to scale the platform both within the region and beyond.”
Youssef Salem, CFO of Swvl, says it plans to continue making strategic acquisitions going forward to “continue expanding best-in-class tech-enabled mass transit solutions in the most challenging markets across the world, where we believe our system can make the greatest difference to people’s daily lives."