Swvl Inc., a Dubai-based provider of transformative mass transit and shared mobility solutions, today announced that several investors, including Agility and Chimera Abu Dhabi, have completed the pre-funding of $35.5 million of the aggregate PIPE subscription raised in connection with the Company’s proposed business combination with Queens Gambit Growth Capital.
Swvl is executing a comprehensive growth strategy with the goal of realizing approximately $1bn of annual gross revenue and expansion to more than 30 cities in more than 20 countries by 2025. The proceeds raised through the pre-funding transaction are expected to accelerate those expansion efforts and to further Swvl’s investment in its proprietary technology platform.
