Logistics startup Swvl acquires Volt Lines, enters European market

Logistics startup Swvl acquires Volt Lines, enters European market

Published: 29-04-2022 13:57:00 | By: Pie Kamau | hits: 350 | Tags:

Swvl Holdings, a global provider of transformative tech-enabled mass transit solutions announced a definitive agreement to acquire Volt Lines, a Turkey-based B2B and Transport as a Service mobility business.

The acquisition builds on Swvl’s recent acquisitions of controlling stakes in Shotl and Viapool, and pending acquisition of door2door. The closing of the transaction is subject to customary closing conditions and is expected to be completed in Q2 2022. 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.

Through its monthly subscription option, Volt Lines facilitates consistent and reliable commutes for the employees of more than 110 companies (including ICBC, Mondelez, Axa Insurance, Pirelli, CMA-CGM, MetLife, and many more), which increases productivity for all stakeholders. Volt Lines Founder and CEO Ali Halabi will continue to lead the Turkish business going forward.

Mostafa Kandil, Founder and CEO, Swvl: "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.”

Volt Lines is Swvl's fourth acquisition since Q4 2021. Last year, the start-up expanded into Spain by acquiring Shotl, an on-demand bus platform with over 10% market share in Europe. It continued its expansion in Latin America by acquiring Viapool, a public transport platform operating in Argentina and Chile.

Swvl notes that the acquisition of Volt Lines would add an additional $4.3 million in annual revenues to its balance sheet. The acquisition process is expected to be completed in the second quarter of 2022. According to the Egyptian startup, the $1 trillion global mass transit market is full of interesting opportunities, especially in emerging markets where the sector is growing.

Mostafa Kandil said his company plans to operate in 20 countries on five continents, including North America, by 2025. To this end, it will continue to develop its business and expand its platform into new attractive geographical areas around the world.

www.swvl.com