Ride-Sharing Startup Swvl Nearing Deal to Go Public With Female-Led SPAC

Ride-Sharing Startup Swvl Nearing Deal to Go Public With Female-Led SPAC

Middle East-based ride-sharing technology startup Swvl Inc. is nearing a deal to go public via a merger with a special-purpose acquisition company, according to people familiar with the matter.

Dubai-based Swvl plans to merge with Queen's Gambit Growth Capital in a deal that values the company at roughly $1.5 billion, the people said. Swvl was co-founded in 2017 by Mostafa Kandil, who formerly worked at ride-sharing company Careem, which is now a subsidiary of Uber Technologies Inc.

Swvl operates mainly in the Middle East and Africa, providing ride-sharing in areas where mass transit is plagued by poor reliability. Its algorithms and technology help make rides and routes more efficient. The company targets a different type of user than, say, Uber, focusing more on customers who lack other options to and from work and school. It has plans to expand to Latin America as well as Europe.