RIYADH: UAE-based ride sharing company Swvl has terminated its estimated $100 million acquisition of UK SaaS platform, Zeelo.
Zeelo revealed that the deal has been dropped by mutual agreement amid a market downturn, MAGNiTT reported.
“The deal that was agreed no longer made sense right for the parties, not just in terms of the transaction, but also in terms of the growth opportunity,” co-founder and CEO of Zeelo, Sam Ryan, said in a statement.
Swvl has recently announced a 30 percent reduction in headcount as part of plans to achieve profitability by 2023.
The company has also made four acquisitions since 2021 and is currently listed on Nasdaq.