Swvl Holdings Corp and its subsidiaries
Consolidated financial statements as of December 31 2023
Consolidated financial statements as of December 31 2023
Page(s) | |
Report of Independent Registered Public Accounting Firm (Grant Thornton Audit | |
and Accounting Limited, Dubai Branch, (PCAOB ID 3211) | 1 - 2 |
Consolidated statements of financial position | 3 |
Consolidated statements of comprehensive income | 4 |
Consolidated statements of changes in equity | 5 |
Consolidated statements of cash flows | 6 |
Notes to the consolidated financial statements | 7 - 96 |
Swvl Holdings Corp and its subsidiaries
Consolidated statement of financial position - As of 31 December 2023 (All amounts are shown in USD unless otherwise stated)
Note | 2023 | 2022 | |
ASSETS | |||
Non-current assets | |||
Property and equipment | 5 | 751,693 | 1,270,838 |
Intangible assets | 6 | 225,776 | 10,534,278 |
Right-of-use assets | 20.1 | 484,362 | 815,646 |
Sublease receivables | 20.2 | - | 553,029 |
Deferred tax assets | 29.2 | 9,468,808 | 18,708,988 |
10,930,639 | 31,882,779 | ||
Current assets | |||
Trade and other receivables | 10 | 5,327,877 | 14,815,432 |
Prepaid expenses and other current assets | 11 | 2,142,194 | 3,298,377 |
Sublease receivables | 20.2 | 571,022 | 648,523 |
Cash and cash equivalents | 12 | 2,922,755 | 1,538,347 |
10,963,848 | 20,300,679 | ||
Assets classified as held for sale | 34 | 1,261 | 5,279,098 |
Total assets | 21,895,748 | 57,462,556 | |
EQUITY AND LIABILITIES | |||
EQUITY | |||
Share capital | 13 | 16,979 | 13,903 |
Share premium | 13 | 347,295,152 | 343,435,529 |
Employee share scheme reserve | 14 | 507,677 | 773,666 |
Foreign currency translation reserve | 15 | (11,466,066) | (4,347,257) |
Reserve of disposal groups classified as held for sale | 15 | 2,106,737 | (492,474) |
Accumulated losses | (329,506,304) | (332,562,780) | |
Equity attributable to equity holders of the Parent Company | 8,954,175 | 6,820,587 | |
Non-controlling interests | (3,039,317) | (4,191,394) | |
Total equity | 5,914,858 | 2,629,193 | |
LIABILITIES | |||
Non-current liabilities | |||
Provision for employees' end of service benefits | - | 267,751 | |
Derivative warrant liabilities | 18.1 | 106,420 | 1,317,091 |
Deferred purchase price | 7 | - | 194,093 |
Accounts payable, accruals and other payables | 19 | 83,961 | - |
Lease liabilities | 20.3 | 1,021,716 | 1,592,111 |
1,212,097 | 3,371,046 | ||
Current liabilities | |||
Deferred purchase price | 7 | 1,207,682 | 7,425,488 |
Accounts payable, accruals and other payables | 19 | 7,829,837 | 33,418,502 |
Current tax liabilities | 627,068 | 1,027,404 | |
Due to related party | 31 | 131,523 | - |
Lease liabilities | 20.3 | 640,695 | 751,015 |
10,436,805 | 42,622,409 | ||
Liabilities directly associated with assets classified as held for sale | 34 | 4,331,988 | 8,839,908 |
Total liabilities | 15,980,890 | 54,833,363 | |
Total equity and liabilities | 21,895,748 | 57,462,556 |
The accompanying notes are an integral part of these consolidated financial statements. | (3) |
Swvl Holdings Corp and its subsidiaries
Consolidated statement of comprehensive income - For the year ended 31 December 2023 (All amounts are shown in USD unless otherwise stated)
Note | 2023 | 2022 | 2021 | |
Continuing operations | ||||
Revenue | 21 | 22,852,263 | 44,099,610 | 25,563,945 |
Cost of sales | 22 | (18,741,277) | (43,581,963) | (31,349,979) |
Gross income/(loss) | 4,110,986 | 517,647 | (5,786,034) | |
General and administrative expenses | 23 | (10,226,561) | (62,918,437) | (69,029,507) |
Selling and marketing expenses | 24 | (93,431) | (17,520,448) | (12,190,989) |
Provision for expected credit losses | 10 | (535,340) | (873,442) | (1,101,614) |
Other income/(expenses), net | 26 | 18,834,177 | 548,823 | (807) |
Operating profit / (loss) | 12,089,831 | (80,245,857) | (88,108,951) | |
Finance income | 27 | 97,553 | 209,434 | 126,449 |
Loss on disposal of subsidiaries | 34 | (8,285,250) | - | - |
Change in fair value of financial liabilities | 16,18 | 1,210,671 | 109,720,648 | (44,330,400) |
Change in fair value of deferred purchase price | 7 | 727,134 | 31,844,346 | - |
Change in fair value of employee share compensation schemes | (1,636,738) | 36,155,857 | - | |
Recapitalization cost | 35 | - | (139,609,424) | - |
Impairment of financial assets | 8 | - | (10,000,880) | - |
Impairment of assets | 6,34 | - | (46,381,441) | - |
Finance cost | 28 | (129,355) | (3,666,643) | (1,494,693) |
Profit / (loss) before tax from continuing operations | 4,073,846 | (101,973,960) | (133,807,595) | |
Income tax benefit | 29.1 | 41,305 | 3,225,251 | 4,718,036 |
Profit / (loss) for the year from continuing operations | 4,115,151 | (98,748,709) | (129,089,559) | |
Discontinued operations | ||||
Loss for the year from discontinued operations | 34 | (1,058,675) | (24,830,739) | (12,399,838) |
Profit / (loss) for the year | 3,056,476 | (123,579,448) | (141,489,397) | |
Attributable to: | ||||
Equity holders of the Parent Company | 3,056,476 | (116,496,525) | (141,416,132) | |
Non-controlling interests | - | (7,082,923) | (73,265) | |
3,056,476 | (123,579,448) | (141,489,397) | ||
Profit / (loss) per share attributable to equity holders of the | ||||
Parent Company | ||||
Basic | 30 | 0.45 | (18.28) | (20.92) |
Diluted | 30 | 0.28 | (18.28) | (20.92) |
Profit / (loss) per share attributable to equity holders of the | ||||
Parent Company for continuing operations | ||||
Basic | 30 | 0.61 | (14.61) | (19.10) |
Diluted | 30 | 0.37 | (14.61) | (19.10) |
Other comprehensive income | ||||
Items that may be reclassified subsequently to profit or loss: | ||||
Exchange differences on translation of foreign operations, net of | ||||
tax | 15 | (5,299,295) | (5,290,594) | (409,511) |
Total comprehensive loss for the year | (2,242,819) | (128,870,042) | (141,898,908) | |
Attributable to: | ||||
Equity holders of the Parent Company | (2,242,819) | (121,787,119) | (141,825,643) | |
Non-controlling interests | - | (7,082,923) | (73,265) | |
(2,242,819) | (128,870,042) | (141,898,908) |
The accompanying notes are an integral part of these consolidated financial statements. | (4) |
Swvl Holdings Corp and its subsidiaries
Consolidated statement of changes in equity - As of 31 December 2023
(All amounts are shown in USD unless otherwise stated)
Equity/(deficit) | ||||||||||
Reserve for | Foreign | attributable to | ||||||||
Share-based | disposal | currency | equity holders | Non- | ||||||
Share | Share | compensation | group held | translation | Accumulated | of the Parent | controlling | Total | ||
Note | Capital | Premium | reserve | for sale | reserve | losses | Company | interests | equity/(deficit) | |
As at January 1, 2021 | 8,529 | 88,873,188 | 3,318,292 | - | 860,374 | (74,650,123) | 18,410,260 | - | 18,410,260 | |
Total comprehensive loss for the year | ||||||||||
Loss for the year | - | - | - | - | - | (141,416,132) | (141,416,132) | (73,265) | (141,489,397) | |
Other comprehensive loss for the year | - | - | - | - | (409,511) | - | (409,511) | - | (409,511) | |
- | - | - | - | (409,511) | (141,416,132) | (141,825,643) | (73,265) | (141,898,908) | ||
Issuance of shares | - | - | - | - | - | - | - | 139,643 | 139,643 | |
Employee share scheme reserve | - | - | 33,611,231 | - | - | - | 33,611,231 | - | 33,611,231 | |
- | - | 33,611,231 | - | - | - | 33,611,231 | 139,643 | 33,750,874 | ||
As at December 31, 2021 | 8,529 | 88,873,188 | 36,929,523 | - | 450,863 | (216,066,255) | (89,804,152) | 66,378 | (89,737,774) | |
Total comprehensive loss for the year | ||||||||||
Loss for the year | - | - | - | - | - | (116,496,525) | (116,496,525) | (7,082,923) | (123,579,448) | |
Other comprehensive loss for the year | - | - | - | - | (5,290,594) | - | (5,290,594) | - | (5,290,594) | |
- | - | - | - | (5,290,594) | (116,496,525) | (121,787,119) | (7,082,923) | (128,870,042) | ||
Issuance of shares | 13 | 1,970 | 31,887,125 | - | - | - | - | 31,889,095 | - | 31,889,095 |
Issuance of shares to PIPE Investors | 13 | 397 | 39,663,603 | - | - | - | - | 39,664,000 | - | 39,664,000 |
Issuance of shares to SPAC shareholders | 13 | 1,395 | - | - | - | - | - | 1,395 | - | 1,395 |
Conversion of convertible notes | 13 | 1,612 | 145,952,505 | - | - | - | - | 145,954,117 | - | 145,954,117 |
Recapitalizations costs | 13 | - | 121,077,329 | - | - | - | - | 121,077,329 | - | 121,077,329 |
Costs attributable to the issuance of shares in | ||||||||||
connection with the business combination | 13 | - | (8,467,766) | - | - | - | - | (8,467,766) | - | (8,467,766) |
Fair value of shares earnouts | 13 | - | (75,550,455) | - | - | - | - | (75,550,455) | - | (75,550,455) |
Acquisition of a subsidiary | 13 | - | - | - | - | - | - | - | 2,825,151 | 2,825,151 |
Share-based compensation reversal | 14 | - | - | (36,155,857) | - | - | - | (36,155,857) | - | (36,155,857) |
Discontinued operations | 34 | - | - | - | (492,474) | 492,474 | - | - | - | - |
5,374 | 254,562,341 | (36,155,857) | (492,474) | 492,474 | - | 218,411,858 | 2,825,151 | 221,237,009 | ||
As at December 31, 2022 | 13,903 | 343,435,529 | 773,666 | (492,474) | (4,347,257) | (332,562,780) | 6,820,587 | (4,191,394) | 2,629,193 | |
Total comprehensive loss for the year | ||||||||||
Profit for the year | - | - | - | - | - | 3,056,476 | 3,056,476 | - | 3,056,476 | |
Other comprehensive loss for the year | - | - | - | 953,002 | (6,252,297) | - | (5,299,295) | - | (5,299,295) | |
- | - | - | 953,002 | (6,252,297) | 3,056,476 | (2,242,819) | - | (2,242,819) | ||
Issuance of shares during the year | 3,076 | 3,859,623 | (551,640) | - | - | - | 3,311,059 | - | 3,311,059 | |
Discontinued operations | 34 | - | - | - | 866,512 | (866,512) | - | - | - | - |
Share-based compensation charge | - | - | 285,651 | - | - | - | 285,651 | - | 285,651 | |
Disposal of subsidiaries | 34 | - | - | - | 779,697 | - | - | 779,697 | 1,152,077 | 1,931,774 |
3,076 | 3,859,623 | (265,989) | 1,646,209 | (866,512) | - | 4,376,407 | 1,152,077 | 5,528,484 | ||
As at December 31, 2023 | 16,979 | 347,295,152 | 507,677 | 2,106,737 | (11,466,066) | (329,506,304) | 8,954,175 | (3,039,317) | 5,914,858 |
The accompanying notes are an integral part of these consolidated financial statements. | (5) |
Swvl Holdings Corp and its subsidiaries
Consolidated statement of cash flows - For the year ended 31 December 2023
(All amounts are shown in USD unless otherwise stated)
Note | 2023 | 2022 | 2021 | |
Profit / (loss) before tax from continued operations | 4,073,846 | (101,973,960) | (133,807,595) | |
Loss before tax from discontinued operations | (1,058,675) | (24,830,739) | (12,399,838) | |
Profit / (loss) for the year before tax | 3,015,171 | (126,804,699) | (146,207,433) | |
Adjustments to reconcile profit before tax to net cash flows: | ||||
Depreciation of property and equipment | 5 | 356,288 | 604,304 | 182,402 |
Depreciation of right-of-use assets | 20.1 | 364,116 | 1,216,495 | 541,218 |
Amortization of intangible assets | 6 | 32,375 | 2,455,243 | 15,963 |
Provision for expected credit losses | 10 | 535,340 | 873,442 | 1,327,104 |
Loss from sale of subsidiaries | 8,285,250 | - | - | |
Other income | (18,834,177) | - | - | |
Gain on recognition of sublease receivable | - | (87,026) | - | |
Sublease income | 20.2 | (37,706) | (8,340) | - |
Provision for employees' end of service benefits, net of reversals | - | (171,447) | 704,614 | |
Finance cost | 28 | 12,192 | 3,466,593 | 1,400,067 |
Listing costs | - | 139,609,424 | - | |
Change in fair value of deferred purchase price | 7 | (727,134) | (31,844,346) | - |
Change in fair value of financial liabilities | 16,18 | (1,210,671) | (109,720,648) | 44,330,400 |
Impairment of assets | - | 46,381,441 | - | |
Impairment of financial assets | - | 10,000,880 | - | |
Employee share-based payments charges / (reversals) | 14 | 285,651 | (36,155,857) | 33,611,231 |
(7,923,305) | (100,184,541) | (64,094,434) | ||
Changes in working capital: | ||||
Trade and other receivables | 3,917,812 | (11,489,377) | (4,825,451) | |
Prepaid expenses and other current assets | 995,660 | (2,584,987) | (868,620) | |
Accounts payable, accruals and other payables | (6,471,125) | (3,571,712) | 8,259,002 | |
Current tax liabilities | 244,206 | 793,105 | (635,821) | |
Due to related parties | 131,523 | - | 36,091 | |
(9,105,229) | (117,037,512) | (62,129,233) | ||
Payment of employees' end of service benefits | - | (635,314) | (5,507) | |
Net cash flows used in operating activities | (9,105,229) | (117,672,826) | (62,134,740) | |
Cash flows from an investing activity | ||||
Purchase of property and equipment | 5 | (17,237) | (817,586) | (319,471) |
Proceeds from disposal of subsidiaries | 8,400,000 | - | - | |
Purchase of financial assets | 8 | - | - | (10,000,880) |
Payment for acquisition of subsidiary, net of cash acquired | 7 | - | (743,292) | (823,446) |
Sublease rentals received | 20.2 | 668,236 | 138,410 | - |
Purchase of financial assets | - | (5,000,010) | - | |
Purchase of intangible assets | 6 | (258,151) | (1,666,934) | (2,222) |
Net cash flows generated from / (used in) investing activities | 8,792,848 | (8,089,412) | (11,146,019) | |
Cash flows from financing activities | ||||
Proceeds from issuance of share capital | 789,462 | 60,787,038 | - | |
Proceeds from issuance of convertible notes | - | 26,336,000 | 73,206,415 | |
Proceeds from PIPE subscription | - | 39,664,000 | - | |
Payments of external loan | - | (134,830) | - | |
Repayment of loan from related party | - | (195,270) | - | |
Finance cost paid | - | (543,432) | (2,653) | |
Finance lease liabilities paid, net of accretion | 20.3 | (445,571) | (850,773) | (482,389) |
Net cash flows generated from financing activities | 343,891 | 125,062,733 | 72,721,373 | |
Net increase / (decrease) in cash and cash equivalents | 31,510 | (699,505) | (559,386) | |
Cash and cash equivalents at the beginning of the year | 2,696,276 | 9,529,723 | 10,348,732 | |
Effects of exchange rate changes on cash and cash equivalents | 196,230 | (6,133,942) | (259,623) | |
Cash and cash equivalents at the end of the year | 12 | 2,924,016 | 2,696,276 | 9,529,723 |
Non-cash financing and investing activities: | ||||
Settlement of deferred purchase price | 5,377,829 | - | - | |
Issuance of shares during the year | 3,073,237 | 3,432,493 | - | |
Fair value of shares earnouts | - | (75,550,455) | - | |
Acquisitions of non-controlling interests | - | (3,036,641) | - | |
Costs attributable to the issuance of shares | - | 8,467,766 | - | |
Conversion of convertible notes | - | 145,952,505 | - | |
Property and equipment additions through acquisition of business | - | (586,452) | - | |
Intangible assets additions through acquisition of business | - | (20,580,000) | - |
The accompanying notes are an integral part of these consolidated financial statements. | (6) |
Swvl Holdings Corp and its subsidiaries
Notes to the consolidated financial statements as of 31 December 2023
1 Establishment and operations
Swvl Holdings Corp (the "Parent Company") (formerly known as "Pivotal Holdings Corp") is a business company limited by shares incorporated under the laws of the British Virgin Islands and was registered on 23 July 2021. The registered office of the Company is at P.O. Box 173, Kingston Chambers, Road Town, Tortola, the British Virgin Islands.
The consolidated financial statements as at 31 December 2023 consist of the Parent Company and its subsidiaries (together referred to as the "Group"). The Group's principal head office is located in The Offices 4, One Central, Dubai World Trade Centre, Street 1, Dubai, United Arab Emirates.
Swvl Inc. was founded on 17 May 2017. Swvl Holdings Corp was incorporated as a direct wholly- owned subsidiary of Swvl Inc. As a result of various legal entity reorganization transactions undertaken in March 2022, Swvl Holdings Corp became the holding company of the Group, and the then-stockholders of Swvl Inc. became the stockholders of Swvl Holdings Corp. Swvl Inc. is the predecessor of Swvl Holdings Corp for financial reporting purposes.
The Group operates multimodal transportation networks that offer access to transportation options through the Group's platform and mobile-based application. The Group also licenses its technology to transport operators to manage their service. The Group operates a technology platform that uses a widespread transportation network. The Group uses leading technology, operational excellence and product expertise to operate transportation services on predetermined routes. The Group develops and operates proprietary technology applications supporting a variety of offerings on its platform ("platform(s)" or "Platform(s)"). The Group provides transportation services through contracting with other service providers (or transportation operators). Riders are collectively referred to as "end-user(s)" or "consumer(s)". The drivers are referred to as "captain(s)".
1.1 Reverse recapitalization
On 28 July 2021, the Parent Company and Queen's Gambit Growth Capital, a Cayman Islands exempted company with limited liability (the "SPAC") listed on the Nasdaq Capital Market ("NASDAQ"), and certain other parties have entered into a definitive agreement for a business combination that would result in the Group becoming a publicly listed company upon completion of the aforementioned transaction.
On March 31, 2022 (the "Closing Date"), the Parent Company consummated the transactions contemplated by the Business Combination Agreement (the "Business Combination Agreement"), dated as of July 28, 2021, as amended, between Swvl Inc., Queen's Gambit Growth Capital and other merger companies.
As a result of the mergers and the other transactions (the "Transaction") contemplated by the Business Combination Agreement, the merged Queen's Gambit Surviving Company and Swvl Inc. each became wholly owned subsidiaries of the Parent Company, and the securityholders of the SPAC and Swvl Inc. became securityholders of the Parent Company.
(7)
Swvl Holdings Corp and its subsidiaries
Notes to the consolidated financial statements as of 31 December 2023 (continued)
1 Establishment and operations (continued)
1.1 Reverse recapitalization (continued)
The Parent Company's Second Amended and Restated Memorandum and Articles of Association authorizes the issuance of up to 555,000,000 shares, consisting of (a) 500,000,000 Class A Ordinary Shares and (b) 55,000,000 preferred shares. All outstanding Class A Ordinary Shares are fully paid and non-assessable. To the extent they are issued, certificates representing Class A Ordinary Shares are issued in registered form. All options, regardless of grant dates, will entitle holders to an equivalent number of Class A Ordinary Shares once the vesting and exercising conditions are met.
Subsequent to the closing of the Transaction, there were 118,496,102 Class A Ordinary Shares with par value of $0.0001 per share that were outstanding and issued. There were also 17,433,333 Warrants outstanding, at the closing of the Transaction, each exercisable at $11.50 per one Class A Ordinary Share, of which 11,500,000 are public warrants ("Public Warrants") listed on NASDAQ and 5,933,333 private placement warrants ("Private Warrants") held by the Sponsor.
Pursuant to the terms of the Business Combination Agreement, at the Closing Date, among other things, each shareholder of Swvl Inc.'s outstanding a) Common Shares A, b) Common Shares B and
- Class A, B, C, D and D-1 preferred shares received approximately 1,510 ("Conversion Ratio") shares of the Parent Company's common shares A and the contingent right to receive certain Earnout Shares (Note 13), for each share of the Company's common shares, par value $0.0001 per share in exchange of original shares. The conversion ratio was calculated by dividing the total number of shares to be allocated to the pre-Business Combination shareholders (which was obtained by dividing the valuation by $10 SPAC share price) by the number of shares outstanding pre-Business Combination. Owing to the nature of the transaction, the comparative figures have been recast.
Concurrently at the Closing Date, each outstanding and unexercised option (vested or not) to purchase Swvl Inc.'s Common Shares, was converted to an option to purchase approximately 1,510 of the Parent Company's common Shares A and the contingent right to receive certain Earnout restricted Stock Units ("Earnout RSUs") at an exercise price per option equal to (x) the exercise price per option divided by (y) the exchange ratio.
Considering the facts of the Business Combination Agreement, it was assumed that the quoted price of the Company's Common Shares A inherently considers the impact of the contingently issuable Earnout Shares, and it was part of an equity transaction between parties to the Transaction.
In addition, pursuant to the terms of the Business Combination Agreement, at the Closing Date, each outstanding Queen's Gambit Warrant was automatically assumed and converted into a new Warrant to acquire new Swvl's Common Share A, subject to the same terms and conditions (including exercisability terms) as were applicable to the corresponding former Queen's Gambit Warrants.
In connection with the consummated Business Combination Agreement, certain investors ("PIPE Investors") completed a private placement of 12,188,711 Common Shares A of the Parent Company for an aggregate purchase price of $111.5 million, of which $71.8 million were automatically exchanged to shares representing exchangeable notes issued by Swvl Inc. to certain PIPE investors prior to the consummated Merger.
(8)
Swvl Holdings Corp and its subsidiaries
Notes to the consolidated financial statements as of 31 December 2023 (continued)
1 Establishment and operations (continued)
1.1 Reverse recapitalization (continued)
Pursuant to the Business Combination Agreement, the SPAC does not meet the definition of a business under the guidance of IFRS 3, hence the Transaction was accounted for as a recapitalization in accordance with IFRS 2. Under this method of accounting, Queen's Gambit Growth Company is treated as the acquired company and Swvl Inc. is treated as the acquirer for financial statement reporting purposes. Swvl Inc. has been determined to be the accounting acquirer based on evaluation of the facts and circumstances of the business combination.
The following table summarizes the proceeds raised and issuance costs incurred related to the Business Combination on 30 March 2022:
Number of | ||
shares | USD | |
Public shares outstanding | 34,500,000 | 345,000,000 |
Shares redeemed | (29,175,999) | (291,759,990) |
Shares issued to SPAC public investors (Note 35) | 5,324,001 | 53,240,010 |
Shares converted for SPAC founders (Note 35) | 8,625,000 | - |
13,949,001 | 53,240,010 | |
Cash from reverse recapitalization | 53,240,010 | |
SPAC reverse recapitalization professional fees | (20,906,209) | |
Net proceeds from reverse recapitalization | 32,333,801 |
The business combination agreement was an extraordinary transaction that took place in 2022 as part of the SPAC and listing procedures, there was no any similar transactions or impact of this transaction incurred in the financial period ending as of 31 December 2023.
1.2 Consolidated subsidiaries
Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed, or has right to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.
As of 31 December 2023, the Group still maintained control for all subsidiaries, however, certain subsidiaries were decided to be held for sale or to be discontinued, subsidiaries listed below will be presented with the same alignment.
(9)
Swvl Holdings Corp and its subsidiaries
Notes to the consolidated financial statements as of 31 December 2023 (continued)
1 Establishment and operations (continued)
1.2 Consolidated subsidiaries (continued)
- Continued operations
Country of | Legal ownership % | Principal | ||
Company name | incorporation | 31-Dec-23 | 31-Dec-22 | business activities |
Swvl Inc. | British Virgin Islands | 100% | 100% | Holding company |
Pivotal Merger Sub Company I | Cayman Islands | 100% | 100% | Merger entity |
Headquarters and | ||||
Swvl Global FZE | UAE | 100% | 100% | management activities |
Swvl for Smart Transport Applications and | ||||
Services LLC | Egypt | 99.80% | 99.80% | Providing a technology |
Swvl Technologies FZE | UAE | 100% | 100% | platform to enable |
Kingdom of Saudi | passenger transportation | |||
Swvl Saudi for Information Technology | Arabia | 100% | 100% |
- Discontinued operations
Legal ownership % | ||||
Country of | Principal | |||
Company name | incorporation | 31-Dec-23 | 31-Dec-22 | business activities |
Swvl Pakistan (Private) Ltd. | Pakistan | - | 99.99% | |
Swvl NBO Limited | Kenya | 100% | 100% | Providing a technology |
Swvl Technologies Ltd. | Kenya | 100% | 100% | |
platform to enable | ||||
Smart Way Transportation LLC (i) | Jordan | - | - | |
passenger transportation | ||||
Swvl My For Information Technology SDN BHD | Malaysia | 100% | 100% | |
Shotl Transportation, S.L. | Spain | - | 55% | |
Viapool Inc. (ii), a direct subsidiary of Swvl Global | Holding company | |||
FZE | Delaware, USA | 51% | 51% | |
Movilidad Digital SAS (ii), a subsidiary of Viapool, | ||||
Inc. | Argentina | 51% | 51% | Providing a technology |
Viapool SRL (ii), a subsidiary of Viapool, Inc. | Argentina | 51% | 51% | |
platform to enable | ||||
Viapool SPA (ii), a subsidiary of Viapool, Inc. | Chile | 51% | 51% | |
passenger transportation | ||||
Swvl Brasil Tecnologia LTDA (ii), a subsidiary of | ||||
Viapool, Inc. | Brazil | 51% | 51% | |
Swvl Germany GmbH (formerly "Blitz B22-203 | ||||
GmbH") (iii), a direct subsidiary of Swvl Inc. | Germany | 100% | 100% | Holding company |
Providing a technology | ||||
Door2Door GmbH (iii), a subsidiary of Swvl | platform to enable | |||
Germany GmbH | Germany | 100% | 100% | passenger transportation |
Volt Lines B.V. (iv), a direct subsidiary of Swvl | Holding company | |||
Global FZE. | Netherlands | - | 100% | |
Volt Lines Akilli Ulasim Teknolojileri ve | Providing a technology | |||
Tasimacilik AS (iv), a subsidiary of Volt Lines B.V. | Turkey | - | 100% | |
platform to enable | ||||
Volt Lines MENA limited (iv), a subsidiary of Volt | ||||
passenger transportation | ||||
Lines B.V. | UAE | - | 100% | |
Urbvan mobility ltd., a direct subsidiary of Swvl | ||||
Global FZE. | Cayman entity | - | 100% | Holding company |
Urbvan intermediate holdings, llc, a subsidiary of | ||||
Urbvan mobility ltd. | Delaware, USA | - | 100% | |
Commute technologies s.a.p.i. de c.v., a subsidiary | ||||
of Urbvan mobility ltd. | Mexico | - | 100% | |
Urbvan commute operations s.a.p.i. de c.v., a | ||||
subsidiary of Urbvan mobility ltd. | Mexico | - | 100% | Providing a technology |
Ops transit mobility, s.a. de c.v., a subsidiary of | ||||
platform to enable | ||||
Urbvan mobility ltd. | Mexico | - | 100% | |
passenger transportation | ||||
ID vans, s.a.p.i. de c.v., a subsidiary of Urbvan | ||||
mobility ltd. | Mexico | - | 100% | |
Admin mobility, s.a. de c.v., a subsidiary of Urbvan | ||||
mobility ltd. | Mexico | - | 100% |
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Swvl Holdings Corporation published this content on 30 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2024 16:53:07 UTC.