Taking the Middle East’s first unicorn with wheels public

Red Havas

Swvl is a global tech startup based in Dubai that provides a semi-private alternative to public transportation for individuals who cannot afford or access private options. The company has built a parallel mass transit system offering intercity, intracity, B2B and B2G transportation in 10 megacities across Africa, Asia and the Middle East. Despite the company’s fast growth, Swvl was still perceived as a small startup and wasn’t generating the high-level visibility it was striving for.
In July, the tech-based startup announced that it entered into a definitive agreement for a business combination with Queen’s Gambit Growth Capital (“Queen’s Gambit”), the first special purpose acquisition company led by women, that would result in Swvl becoming the first $1bn plus unicorn from the Middle East to list on Nasdaq, and the only tech-enabled mass transit solutions company to list on any stock exchange.