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SWVL announces $20 million private placement

Dubai-based mobility and transport solutions provider SWVL, has signed an agreement with US-based institutional investors for the sale and purchase of over 12 million shares along with securities for $20 million at a price of $1.65 per share, the company said in a statement on Wednesday.

According to company the private placement and sale of securities took effect on Friday 12th.

The Series A warrants and Series B warrants will expire five years from the date of issuance and two years from the date of issuance, respectively. If the warrants are exercised during the said period, the company will receive an additional $30 million.

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Last year, the transport startup went public via a special purpose acquisition company (SPAC).

It has raised a total of $264 million since its founding in Egypt in 2017.

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Swvl operates in 135 cities in 20 countries across Latin America, Europe, Africa and Asia.The company went public in March 2022 and is traded on the Nasdaq stock exchange under the ticker SWVL.

Swvl was co-founded in Egypt in April 2017 by Mostafa Kandil and two of his school friends, Ahmed Sabbah and Mahmoud Nouh with $30,000 of their own money. Mostafa Kandil began his career at Rocket Internet, where he launched the car sales platform Carmudi in the Philippines, which became the largest car classifieds company in the country in just six months. He then served as Rocket Internet’s Head of Operations. In 2016, Kandil joined Careem, a ride-sharing company and the first unicorn in the Middle East. He supported the platform’s expansion into multiple new markets.

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Milcah Lukhanyu
Milcah Lukhanyuhttps://techmoran.com
I cover tech news across Africa. Drop me an email at [email protected]

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