Dubai-based mobility startup SWVL announced that it will invest up to $15 million to ramp up its operations in the Argentian market after recently acquiring Viapool, an Argentina-based mass transit app.
Swvl is a global provider of transformative tech-enabled mass transit solutions that enhance mass transit safety, reliability, and convenience in some of the world’s most challenging and complex emerging markets. Swvl is uniquely positioned to capitalize on the $1 trillion global mass transit market opportunity with daily commuting, inter-city travel, TaaS, and SaaS transportation solutions. It currently operates in 115 cities in 18 countries across Latin America, Europe, Africa, and Asia.
“We are excited to strengthen our strategic commitment to Argentina in collaboration with the Argentinian government, with what we believe is a compelling investment opportunity. Together, we will work to significantly improve mass transit capabilities nationally while creating employment opportunities.”
~ Mostafa Kandil, Founder and CEO of Swvl
Swvl strives to collaborate with the governments in all the countries it operates in. This investment aims to bring a transformative positive impact in Argentina. The startup will collaborate with the Argentinian government, and other relevant stakeholders, including local transport operators and their drivers, to further advance mobility solutions that make daily commuting more accessible, safe, convenient and sustainable for all citizens in Argentina.
“With this multi-year financial commitment and our acquisition of a controlling interest in Viapool, Swvl is demonstrating its dedication to improving mobility across Argentina. These investments and collaborations further our mission to enable riders and drivers to realize greater economic opportunities, our R&D capabilities across multiple engineering hubs and our organic and inorganic geographic expansion. Moving forward, we expect to deploy additional capital and resources to further scale our operations across South America, as the region presents tremendous growth opportunities and attractive unit economics.”
~ Youssef Salem, CFO Swvl
