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Swvl inks definitive agreement to acquire Mexico's Urbvan

Swvl inks definitive agreement to acquire Mexico's Urbvan
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Mubasher: The UAE-based Swvl Holdings Corporation has entered into a definitive agreement to acquire Urbvan Mobility, a Mexico-based shared mobility platform offering tech-enabled transportation services.

The transaction, SWVL’s fourth acquisition this year and sixth to date, is expected to be completed within the third quarter (Q3) of 2022, according to a recent press release.

Established by Renato Picard and João Matos Albino in 2016, Urbvan provides intercity transport and mass mobility solutions for local privately-owned organisations across 18 cities in Mexico.

The Swvl Founder and CEO, Mostafa Kandil, said: "With a significant footprint in Mexico, an impressive suite of Transport as a Service (TaaS) offerings, and strong relationships with local government players, this acquisition reinforces Swvl's position as a leading provider of safer and more reliable mobility solutions which are required for vulnerable people living in densely populated, challenging markets with vast geographies."

Meanwhile, the Co-Founder and Co-CEO of Urbvan, Renato Picard, commented: "Swvl and Urbvan share a vision to remodel mass transit to be safer for everyone, no matter their gender or social class, in the most challenging and densely populated urban neighborhoods in Latin America."