Swvl announced its acquisition of UK-based smart bus SaaS platform, Zeelo, in an estimated deal of $100M, weeks after its debut on the NASDAQ via a SPAC merger. Swvl’s third acquisition of the year, but Zeelo recently revealed that the acquisition was dropped mutually due to the market downturn and slump in tech stocks.
All pre-completion obligations were met, according to Zeelo, but due to financial market volatility, the startups mutually agreed to terminate the planned transaction. SWVL operates in 13 countries around the world, including the UAE, Egypt, Kenya, Germany, Spain, Italy, Switzerland, Turkey, Japan, Argentina, Saudi Arabia, Jordan, and Pakistan. The startup also recently announced plans to expand into Mexico with the acquisition of Urbvan, a daily commute transportation system.