UAE-based ride sharing start-up Swvl is expanding its presence in Europe with the acquisition of Turkish rival Volt Lines.
The deal, which is expected to be completed in the second quarter of 2022, follows Swvl’s recent acquisitions of controlling stakes in shuttle-booking platform Shotl and Latin American mass transit firm Viapool. Swvl also recently announced its plans to acquire mobility platform Door2Door.
Founded in 2018, Volt Lines operates in major cities in Turkey, including Istanbul and the capital Ankara. It provides corporate clients with an alternative to public transportation or ride hailing for commuters, including employees of more than 110 companies.
“With this acquisition, we are deepening our presence in Europe, immediately expanding our enterprise client base and continuing to deliver on our growth objectives,” said Mostafa Kandil, Swvl Founder and CEO.
(Writing by Cleofe Maceda; editing by Seban Scaria )