Swvl, a Dubai-based ride-sharing startup, has acquired the Turkish transportation-as-a-service operator Volt Lines in its fourth acquisition since August. The primarily stock deal, which was valued at around $40 million, gives Swvl access both to Volt Lines’ tech as well as its over 110 corporate client contracts.
Founded in 2018 by Ali Halabi, Volt Lines serves customers and corporate clients in Turkey with an alternative to public transportation and personal ride-hailing services. Volt Lines uses shared buses used by more than 110 companies in the region. As part of the deal with Swvl, Halabi will stay on to lead the Turkish unit.
Ali Halabi commented on the acquisition, saying, “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. We’re also excited about scaling our R&D centre in Istanbul into a global technology hub, giving Swvl reliable access to Turkey’s technical talent.”
Swvl was co-founded by Mostafa Kandil. The ride-sharing startup made its debut on the Nasdaq Stock Market on April 1 after merging with blank-check company Queen’s Gambit Growth Capital.
The deal furthers what Swvl Chief Financial Officer Youssef Salem has said is a plan “to rapidly pursue strategic initiatives to further enhance shareholder value.” Last month, Swvl purchased Berlin-based mobility startup Door2door. In November, it bought the mass transit company ViaPool to expand its presence in Latin America. And in August, Swvl acquired Shotl, an on-demand ride service that uses shuttle buses.
This reach will help Swvl build out its corporate offerings while also getting a foothold in Turkey so it can expand its B2C service, as well as adjacent transportation solutions including schools and factories, the company says.