Accordingly, the two sides inked a subscription agreement to invest the sum in Pivotal Holdings Corp, Swvl Inc subsidiary.
“The EBRD’s investment will close substantially concurrently with the closing of the business combination between Queen’s Gambit Growth Capital and Swvl. The investment is subject to customary closing conditions, the completion of the business merger and the signing of an investment framework agreement to meet certain EBRD institutional requirements, including on environmental and social policies and practices and compliance matters,” according to the EBRD.
It added that this investment is expected to support technological development, corporate expansion and the rollout of Swvl’s services in Egypt, which is the company’s top market.
Moreover, the action comes in line with the EBRD’s operations in the Egyptian market in terms of supporting the expansion of bus transportation, boosting its quality and improving access to transport for.
The company was founded in 2017 in Egypt as a start-up and subsequently moved its headquarters to Dubai as part of its global expansion plan.
In 2021, Swvl announced its intention to raise its market value to $15 billion, up from $1.5 billion, and to expand its investment activity in the Egyptian market based on its vital transport sector.
Currently, Swvl provides its services across 10 cities in six countries: Egypt, Saudi Arabia, Kenya, Pakistan, the UAE, and Jordan.
In July 2021, Swvl announced its plans to be listed on the Nasdaq stock exchange and to go public through a merger with special purpose acquisition company Queen’s Gambit Growth Capital with a total valuation of $1.5 billion.
Yet, the company has not announced when it will take the action.
The company said that the listing funds will be utilised for its expansion plan and are meant to accelerate its strategy to expand across 20 countries by 2025.