Founded in 2018 and a new generation of transport service in personnel transport in our country Volt linesa Dubai-based multinational private transportation service (MaaS) offering similar services swvl Purchased by. Today, the company, which provides services in 18 countries in Europe, Latin America, Africa and Asia, is entering the Turkish market with this acquisition.

According to the shared information, Swvl to buy Volt Lines $40 million payout and Turkey decided to allocate a $25 million fund to continue growth in the region. While the said purchase is expected to close in the second quarter of this year, a statement was released from Volt Lines founder Ali Halabi regarding the purchase.

Statement from the founder of Volt Lines

“When we founded Volt Lines four years ago, we wanted to provide a revolutionary public transportation experience to make transportation in Istanbul more reliable and affordable. We are also delighted to provide Swvl with reliable access to Turkey’s engineering talent by transforming our Istanbul R&D center into a global technology hub.”

Founded by Mostafa Kandil in Egypt in 2017, Swvl has signed an agreement with Queen’s Gambit Growth Capital. $1.5 billion reached market value. List of the world’s largest technology companies as of April 1, 2022 on the Nasdaq stock market It started to be listed as ‘SWVL’.