Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2022 | |
Document Information [Line Items] | |
Document Type | POS AM |
Amendment Flag | true |
Entity Registrant Name | Swvl Holdings Corp |
Entity Central Index Key | 0001875609 |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Amendment Description | This Post-Effective Amendment No. 1 relates to the Registration Statement on Form F-1 (File No. 333-264418) of Swvl Holdings Corp (the “Registrant”) originally declared effective by the Securities and Exchange Commission (the “SEC”) on July 8, 2022 (the “Initial Registration Statement”). The Registrant is filing this Post-Effective Amendment No. 1 pursuant to the undertakings in the Initial Registration Statement to update and supplement the information contained in the Initial Registration Statement to, among other things, include the Registrant’s consolidated financial statements and the notes thereto as of and for the six month period ended June 30, 2022 and for the six month period ended June 30, 2021. The Initial Registration Statement, as amended by this Post-Effective Amendment No. 1, relates solely to the registration of 98,573,233 Class A Ordinary Shares. All applicable registration fees were paid in connection with the initial filing of the Initial Registration Statement. |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Non-current assets | ||
Property and equipment | $ 1,747,417 | $ 648,704 |
Intangible assets | 10,470,998 | 988,406 |
Goodwill | 20,760,727 | 4,418,226 |
Right-of-use assets | 3,438,619 | 4,059,896 |
Deferred tax assets | 15,304,600 | 14,631,743 |
Total non current assets | 51,722,361 | 24,746,975 |
Current assets | ||
Current financial assets | 5,000,000 | 10,000,880 |
Deferred transaction cost | 7,355,404 | |
Trade and other receivables | 14,278,176 | 6,603,240 |
Prepaid expenses and other current assets | 5,091,010 | 1,102,989 |
Cash and bank balances | 19,304,380 | 9,529,723 |
Total current assets | 43,673,566 | 34,592,236 |
Total assets | 95,395,927 | 59,339,211 |
EQUITY | ||
Share capital | 11,889 | 8,529 |
Share premium | 314,218,626 | 88,873,188 |
Employee share scheme reserve | 37,186,616 | 36,929,523 |
Foreign currency translation reserve | (1,137,716) | 450,863 |
Accumulated losses | (375,804,634) | (216,066,255) |
Net deficit attributable to the Parent Company's Shareholders | (25,525,219) | (89,804,152) |
Non-controlling interests | 1,010,339 | 66,378 |
Total deficit | (24,514,880) | (89,737,774) |
Non-current liabilities | ||
Provision for employees' end of service benefits | 698,448 | 815,407 |
Earnout liabilities | 37,568,164 | |
Interest-bearing loans | 1,681,103 | 337,545 |
Derivative warrant liabilities | 11,145,000 | |
Lease liabilities | 2,777,604 | 2,961,317 |
Total non current liabilities | 53,870,319 | 4,114,269 |
Current liabilities | ||
Derivatives liability | 44,330,400 | |
Convertible notes | 228,984 | 74,606,482 |
Accounts payable, accruals and other payables | 63,122,137 | 23,606,454 |
Current tax liabilities | 1,197,359 | 678,972 |
Loans from a related party | 443,698 | 478,764 |
Interest-bearing loans | 60,440 | |
Lease liabilities | 1,048,310 | 1,201,204 |
Total Current liabilities | 66,040,488 | 144,962,716 |
Total liabilities | 119,910,807 | 149,076,985 |
Total equity and liabilities | $ 95,395,927 | $ 59,339,211 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income/(Loss) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of comprehensive income [abstract] | ||
Revenue | $ 40,740,083 | $ 12,916,256 |
Cost of sales | (49,314,589) | (15,906,541) |
Gross loss | (8,574,506) | (2,990,285) |
General and administrative expenses | (51,271,232) | (34,029,443) |
Selling and marketing costs | (12,207,448) | (4,906,553) |
Provision for expected credit losses | (2,194,381) | (426,549) |
Hyperinflation adjustment | 2,637,888 | |
Other income | 528,922 | |
Other expenses | (231,448) | (518,234) |
Operating loss | (71,312,205) | (42,871,064) |
Change in fair value of financial liabilities | 62,324,575 | |
Recapitalization cost | (139,609,424) | |
Impairment loss on financial assets | (10,000,890) | |
Finance income | 79,814 | 44,470 |
Finance cost | (3,725,204) | (39,554,547) |
Loss for the period before tax | (162,243,334) | (82,381,141) |
Tax | 623,765 | 1,693,740 |
Loss for the period | (161,619,569) | (80,687,401) |
Attributable to: | ||
Equity holders of the Parent Company | (159,738,379) | (80,687,401) |
Non-controlling interests | (1,881,190) | |
Loss for the period | $ (161,619,569) | $ (80,687,401) |
Loss per share attributable to equity holders of the Parent Company | ||
Basic | $ (1.52) | $ (0.95) |
Diluted | $ (1.52) | $ (0.95) |
Items that may be reclassified subsequently to profit or loss: | ||
Exchange differences on translation of foreign operations | $ (1,588,579) | $ 166,005 |
Total comprehensive loss for the period | $ (163,208,148) | $ (80,521,396) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) | Total | P I P E Investors | SPAC shareholders | Share capital | Share capital P I P E Investors | Share capital SPAC shareholders | Share premium | Share premium P I P E Investors | Share premium SPAC shareholders | Employee share scheme reserve | Foreign currency translation reserve | Accumulated deficit | Equity/ (net deficit) attributable to equity holders of the Parent Company | Equity/ (net deficit) attributable to equity holders of the Parent Company P I P E Investors | Equity/ (net deficit) attributable to equity holders of the Parent Company SPAC shareholders | Non- controlling interests |
Beginning balance at Dec. 31, 2020 | $ 18,410,260 | $ 8,529 | $ 88,873,188 | $ 3,318,292 | $ 860,374 | $ (74,650,123) | $ 18,410,260 | $ 0 | ||||||||
Loss for the period | (80,687,401) | (80,687,401) | (80,687,401) | |||||||||||||
Other comprehensive income for the period | 166,005 | 166,005 | 166,005 | |||||||||||||
Total comprehensive loss for the year | (80,521,396) | 166,005 | (80,687,401) | (80,521,396) | ||||||||||||
Employee share scheme charge | 22,298,052 | 22,298,052 | 22,298,052 | |||||||||||||
Ending balance at Jun. 30, 2021 | (39,813,084) | 8,529 | 88,873,188 | 25,616,344 | 1,026,379 | (155,337,524) | (39,813,084) | 0 | ||||||||
Beginning balance at Dec. 31, 2021 | (89,737,774) | 8,529 | 88,873,188 | 36,929,523 | 450,863 | (216,066,255) | (89,804,152) | 66,378 | ||||||||
Loss for the period | (161,619,569) | (159,738,379) | (159,738,379) | (1,881,190) | ||||||||||||
Other comprehensive income for the period | (1,588,579) | (1,588,579) | (1,588,579) | |||||||||||||
Total comprehensive loss for the year | (163,208,148) | (1,588,579) | (159,738,379) | (161,326,958) | (1,881,190) | |||||||||||
Issuance of shares | 2,670,178 | $ 39,664,000 | $ 32,333,801 | 39 | $ 397 | $ 1,395 | 2,670,139 | $ 39,663,603 | $ 32,332,406 | 2,670,178 | $ 39,664,000 | $ 32,333,801 | ||||
Acquisition of a subsidiary | 2,825,151 | 2,825,151 | ||||||||||||||
Employee share scheme charge | 257,093 | 257,093 | 257,093 | |||||||||||||
Conversion of convertible notes | 145,954,117 | 1,612 | 145,952,505 | 145,954,117 | ||||||||||||
Recapitalizations costs | 139,609,424 | 139,609,424 | 139,609,424 | |||||||||||||
Costs attributable to the issuance of shares in connection with the business combination | (59,332,184) | (59,322,184) | (59,322,184) | |||||||||||||
Cost of shares earnouts | (75,550,455) | (75,550,455) | (75,550,455) | |||||||||||||
Ending balance at Jun. 30, 2022 | $ (24,514,880) | $ 11,972 | $ 314,218,626 | $ 37,186,616 | $ (1,137,716) | $ (375,804,634) | $ (25,525,136) | $ 1,010,339 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of cash flows [abstract] | ||
Loss for the period before tax | $ (162,243,334) | $ (82,381,141) |
Adjustments for: | ||
Depreciation on property and equipment | 365,340 | 38,912 |
Depreciation of right-of-use assets | 703,553 | 166,349 |
Gain on disposal of right-of-use assets | (85,636) | 0 |
Amortization of intangible assets | 676,750 | 0 |
Provision for expected credit losses | 2,194,381 | 426,549 |
Impairment of financial assets | 10,000,890 | 0 |
Change in fair value of financial liabilities | (62,324,575) | 0 |
Finance cost | 3,725,204 | 39,554,547 |
Recapitalization costs | 139,609,424 | 0 |
Provision for employees' end of service benefits | 322,955 | 193,399 |
Employee share scheme reserve charges | 257,093 | 22,298,052 |
Adjustments to reconcile profit (loss) | (66,797,955) | (19,703,333) |
Changes in working capital: | ||
Trade and other receivables | (8,114,968) | (1,162,624) |
Prepaid expenses and other current assets | (3,988,021) | 12,744 |
Accounts payable, accruals and other payables | 1,992,144 | 1,847,286 |
Current tax liabilities | 518,387 | (1,201,799) |
Advances to shareholders | 0 | 10,044 |
Cash flows from (used in) operations | (76,390,413) | (20,197,682) |
Payment of employees' end of service benefits | (439,914) | 0 |
Net cash outflow from operating activities | (76,830,327) | (20,197,682) |
Cash flow from investing activities | ||
Purchase of property and equipment | (1,191,592) | (53,214) |
Purchase of financial assets at fair value through profit or loss | (5,000,010) | 0 |
Capitalized development costs | (1,666,934) | 0 |
Acquisition of subsidiaries, net of cash acquired | (1,463,293) | 0 |
Net cash outflow from investing activities | (9,321,829) | (53,214) |
Cash flows from financing activities | ||
Proceeds from issuance of share capital | 32,333,801 | 0 |
Proceeds from issuance of convertible notes | 26,336,000 | 27,699,900 |
Proceeds from PIPE subscription | 39,664,000 | 0 |
Repayment of loan from related party | (35,066) | 0 |
Finance cost paid | (182,996) | (35,712) |
Finance lease liabilities paid, net of accretion | (436,677) | (164,178) |
Net cash inflow from financing activities | 97,679,062 | 27,500,010 |
Net increase in cash and cash equivalents | 11,526,906 | 7,249,114 |
Cash and cash equivalents at the beginning of the period | 9,529,723 | 10,348,732 |
Effects of exchange rate changes on cash and cash equivalents | (1,752,249) | 166,005 |
Cash and cash equivalents at the end of the period | 19,304,380 | 17,763,851 |
Non-cash financing and investing activities: | ||
Issuance of shares during the period/year | 2,670,178 | 0 |
Cost of shares earnouts | (53,268,293) | 0 |
Acquisitions of non-controlling interests | (3,036,641) | 0 |
Costs attributable to the issuance of shares | 8,465,508 | 0 |
Conversion of convertible notes | 145,954,117 | 0 |
Property and equipment additions through acquisition of business | (272,461) | 0 |
Intangible assets additions through acquisition of business | $ (8,860,000) | $ 0 |
Establishment and Operations
Establishment and Operations | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Establishment and Operations | 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 condensed interim consolidated financial statements as at and for the six-month 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 in Egypt, Pakistan, Kenya, United Arab Emirates, Kingdom of Saudi Arabia, Jordan, Malaysia, Spain, Argentina, Chile, Germany and Turkey that offer access to transportation options through the Group’s platform and mobile-based application. 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)” 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. 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. 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 (Note 12). 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 c) Class A, B, C, D and D-1 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 1,509.96 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. 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 USD Public shares outstanding 34,500,000 345,000,000 Shares redeemed (29,175,999 ) (291,759,990 ) Shared issued to SPAC 5,324,001 53,240,010 Cash from reverse recapitalization 53,240,010 SPAC reverse recapitalization professional fees (20,923,449 ) Net proceeds from reverse recapitalization 32,316,561 1.1 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. In certain cases, the Group is required to have a resident as one of the shareholders besides the Parent Company to comply with local laws and regulations. However, in such cases, the Group continues to remain the economic beneficiary of the shareholding held by such resident shareholder and therefore is said to have a “beneficial ownership” of such non-controlling Company name Country of incorporation Legal ownership % Principal 30-Jun-22 31-Dec-21 Swvl Inc. British Virgin Islands 100% — Holding company Pivotal Merger Sub Company I Cayman Islands 100% — Merger entity Swvl Global FZE UAE 100% 100% Headquarters and management activities Swvl for Smart Transport Applications and Services LLC Egypt 99.80% 99.80% Pr enable passenger Swvl Pakistan (Private) Ltd. Pakistan 99.99% 99.99% Swvl NBO Limited Kenya 100% 100% Swvl Technologies Ltd. Kenya 100% 100% Swvl Technologies FZE UAE 100% 100% Smart Way Transportation LLC ( i Jordan — — Swvl Saudi for Information Technology Kingdom of Saudi Arabia 100% 100% Swvl My For Information Technology SDN BHD Malaysia 100% 100% Shotl Transportation, S.L. Spain 55% 55% Viapool Inc. (ii) Delaware, USA 51% Holding company Movilidad Digital SAS (ii) Argentina 51% — Providin technology platform to enable passenger transportation Viapool SRL (ii) Argentina 51% — Viapool SPA (ii) Chile 51% — Swvl Brasil Tecnologia LTDA (ii) Brazil 51% — Swvl Germany GmbH (formerly “Blitz B22-203 (iii) Germany 100% — Holding company Door2Door GmbH (iii) Germany 100% — Providing a Volt Lines B.V. (iv) Netherlands 100% — Holding company V olt Lines Akilli Ulasim Teknolojileri ve Tasimacilik AS (iv) Turkey 100% — Providing a technology platform to Volt Lines MENA limited (iv) UAE 100% — enable passenger (i) The Parent Company’s subsidiary Smart Way Transportation LLC (Jordan) was incorporated during the year ended 31 December 2021. The subsidiary is currently legally owned by a member of the Group’s management and is in the process of a legal ownership transfer to the Group. The subsidiary has been consolidated at 30 June 2022 based on the beneficial ownership and effective control. (ii) The Parent Company acquired 51% of the shares of Viapool Inc., a company based in Delaware, USA (Note 6) and holding each of Movilidad Digital SAS, Viapool SRL, Viapool SPA and Swvl Brasil Tecnologia LTDA. The Parent Company consolidates these entities based on de facto control. (iii) The Parent Company acquired 100% of the shares of Blitz B22-203 B22-203 (iv) The Parent Company acquired 100% of the shares of Volt Line BV, a company based in Netherlands (Note 6) and holding each of Volt Lines Akilli Ulasim Teknolojileri ve Tasimacilik AS and Volt Lines MENA limited. The Parent Company consolidates these entities based on de facto control. 1.2 Subsequent acquisition On 11 July 2022, the Group signed a definitive sales and purchase agreement to acquire all the shares of Urbvan Mobility Ltd, a shared mobility platform offering technology-enabled transportation services across Mexico (Note 22.1). |
Basis of preparation
Basis of preparation | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Basis of preparation | 2 Basis of preparation These condensed interim consolidated financial statements are for the six-month These condensed interim consolidated financial statements do not include all of the information required in annual consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”) and should be read in conjunction with the consolidated financial statements for the year ended 31 December 2021. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual financial statements. 2.1 Going concern These condensed interim consolidated financial statements have been prepared on a going concern basis, which assumes that the Group will be able to discharge its liabilities in the ordinary course of business. The Group had net losses of $ six-month six-month $ six-month six-month Notwithstanding these results, management believes there are no events or conditions that give rise to doubt the ability of the Group to continue as a going concern for a period of twelve months after the preparation of the condensed interim consolidated financial statements. The assessment includes knowledge of the Group’s subsequent financial position, the estimated economic outlook and identified risks and uncertainties in relation thereto. The Group has funded its operations primarily with proceeds from the issuance of Class A Ordinary Shares. On 31 March 2022, the Group received gross proceeds of $53.3 million and $111.5 million from the reverse recapitalization transaction and sale of shares to certain PIPE investors, respectively. In addition, adopting the portfolio optimization plan will contribute to strengthening the Group’s financial position (Note 14). Subsequent to period-end, Consequently, it has been concluded that adequate resources and liquidity to meet the cash flow requirements for the next twelve months are present, and it is reasonable to apply the going concern basis as the underlying assumption for the condensed interim consolidated financial statements. 2.2 Covid-19 The onset of the Covid-19 Covid-19 Covid-19 Management has considered the effects of Covid-19 six- Covid-19 2.3 Amended standards adopted by the Group A number of amended standards became applicable for the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these amended standards. 2.4 Accounting policies The accounting policies used for the condensed interim consolidated financial statements for the six-month and derivatives warrant liabilities recognized during the six-month period ended 30 June 2022, as described below: Earnout liabilities Earnout liabilities are initially recognized at fair value at their inception, and subsequently at fair value at each reporting date. Valuation of shares earnout liability is measured using an appropriate valuation model which considers various factors such as the current trading stock price, equity volatility and cost of equity. The change in fair value of the earnout liabilities is recognized in the statement of profit or loss. Derivative warrant liabilities Warrants assumed in the Transaction give the holder the right, but not the obligation to subscribe to the Company’s Ordinary Shares at a fixed or determinable price for a specified period of five years. These instruments were part of the net assets acquired in the Transaction and, therefore, have applied the provisions of debt and equity classification under IAS 32. Therefore, the warrants are accounted for as a financial liability (derivative liability) recognized at fair value upon the closing of the Transaction, and subsequently remeasured at fair value through profit and loss. 2.5 Financial reporting in hyperinflationary economies The Group’s subsidiaries located in Argentina and Turkey (Note 1.1) are operating in hyperinflationary economies. Accordingly, the results, cash flows and financial position of those subsidiaries have been expressed in terms of the measuring unit current, at the end of the reporting period. The price index identification and movement are indicated as below: Argentina Turkey Price index identity Consumer (Basis points) Consumer (Basis points) Price index level at 1 Jan 2022 605 763 Price index level at 30 June 2022 798 977 Change in index 193 214 The Group recognized an amount of $2,637,888 for the six-month six-month |
Critical accounting judgments a
Critical accounting judgments and estimates | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Critical accounting judgments and estimates | 3 Critical accounting judgments and estimates When preparing the condensed interim consolidated financial statements, management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgements, estimates and assumptions made by management, and will seldom equal the estimated results. The judgements, estimates and assumptions applied in the condensed interim consolidated financial statements for the six-month 3.1 Hyperinflationary economies The Group exercises significant judgement in determining the onset of hyperinflation in countries in which it operates and whether the functional currency of its subsidiaries is currency of a hyperinflationary economy. Various characteristics of the economic environments of Argentina and Turkey (Note 1.1) are considered. These characteristics include, but are not limited to, whether: • the general population prefers to keep its wealth in non-monetary • prices are quoted in a relatively stable foreign currency; • sales or purchase price stake expected losses of purchasing power during a short credit period into account; • interest rates, wages and prices are linked to a price index; and • the cumulative inflation rate over three years is approaching, or exceeding, 100%. Management exercises judgement as to when a restatement of the financial statements of a Group entity becomes necessary. Following management’s assessment, the Group’s subsidiaries in Argentina and Turkey have been accounted for as entities operating in hyperinflationary economies. The results, cash flows and financial positions of such subsidiaries have been expressed in terms of the current measuring units at the reporting date. The inflation adjusted financial information, is stated in terms of current Argentinian Peso and Turkish Lira at the reporting date using the respective Consumer Price Index (CPI) for both countries as supplied by the National Institute of Statistics and Censuses of the Argentine Republic (INDEC) and the Turkish Statistical Institute, respectively. The general price indices used in adjusting the results, cash flows and the financial position of the subsidiaries is set out in Note 2.5. 3.2 Business combinations The Group records tangible and intangible assets acquired and liabilities assumed in business combinations under the acquisition method of accounting. Acquisition consideration typically includes cash payments and equity issued as consideration. In acquisitions where no consideration is transferred, goodwill is measured based on the fair value of the acquiree. Amounts paid for each acquisition are allocated to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition inclusive of identifiable intangible assets. The estimated fair value of identifiable assets and liabilities, including intangibles, are based on valuations that use information and assumptions available to management. The Group allocates any excess purchase price over the fair value of the tangible and identifiable intangible assets acquired and liabilities assumed to goodwill. Significant management judgments and assumptions are required in determining the fair value of assets acquired and liabilities assumed, particularly for acquired intangible assets, including estimated useful lives. The valuation of purchased intangible assets is based upon estimates of the future performance and discounted cash flows of the acquired business. Each asset acquired or liability assumed is measured at estimated fair value from the perspective of a market participant. 3.3 Capitalization of development costs The Group capitalizes expenditures for the development of technology to the extent that it is expected to meet the criteria in accordance with IAS 38 Intangible Assets. The decision to capitalize is based on significant judgments made by management, including the technical feasibility of completing the intangible asset so that it will be available for use or sale and assumptions used to demonstrate that the asset will generate probable future economic benefits. During the six-month 3.4 Impairment of intangible assets The carrying values of our long-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. If any indication exists, then the asset’s recoverable amount is estimated. Determining the recoverable amount is subjective and requires management to estimate future growth, profitability, discount and terminal growth rates, and project future cash flows, among other factors. Future events and changing market conditions may impact our assumptions as to prices, costs or other factors that may result in changes to our estimates of future cash flows. If we conclude that a definite or indefinite long-lived intangible asset is impaired, we recognize a loss in an amount equal to the excess of the carrying value of the asset over its fair value at the date of impairment. The fair value at the date of the impairment becomes the new cost basis and will result in a lower depreciation expense than for periods before the asset’s impairment. 3.5 Earnout liabilities The Group uses accounting estimates in measuring the fair value of its earnouts liabilities. The Group used a Monte Carlo simulation based on the frequency that each tranche vests to value the dilutive impact of per share. The assumptions used in the valuation are disclosed in Note 21. 3.6 Derivative warrant liabilities The Group’s derivative liabilities related to its public and private warrants are measured using appropriate valuation method. Public warrants derivative liabilities was measured using Binomial lattice model while Black-Scholes Options Pricing Model (“BSOPM”) was used to value the private warrants. The assumptions used in the valuation are disclosed in Note 21. |
Property and equipment
Property and equipment | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Property and equipment | 4 Property and equipment The property and equipment net book value consists of the following: (Unaudited) At 30 June 2022 (Audited) At USD USD Furniture, fittings and equipment 903,996 483,547 Leasehold improvements 332,067 165,157 Construction work-in-progress 511,354 — Property and equipment, net 1,747,417 648,704 Total expense arising from depreciation on property and equipment recognized in the condensed interim consolidated statement of comprehensive income as part of general and administrative expense for the six-month six-month |
Intangible assets
Intangible assets | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Intangible assets | 5 Intangible assets (Unaudited) At 30 June 2022 Net book value (Audited) At 31 December 2021 Net book value USD USD Trade name 900,968 10,000 Customer list (B2B relationships) 4,297,384 50,000 Developed technology 5,272,646 928,406 10,470,998 988,406 Total expense arising from amortization of intangible assets recognized in the condensed interim consolidated statement of comprehensive income as part of general and administrative expense for the six-month six-month Amortization is computed using the straight-line method based on the estimated useful lives of the assets as follows: Years Trade name 2 Customer list (B2B relationships) 8-11 Developed technology 5 |
Business Combination and Goodwi
Business Combination and Goodwill | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Business combination and goodwill | 6 Business combination and goodwill (i) Viapool On 14 January 2022, the Group acquired a 51% controlling interest in Viapool Inc, (“Viapool”) a company incorporated under the laws of the U.S. State of Delaware, pursuant to the signed stock purchase agreement. Viapool is engaged in the development, implementation and commercialization of new mobility and transport systems, including different services and connecting travellers with buses and private cars in Argentina and Chile. This acquisition has been accounted for in accordance with IFRS 3 Business Combinations. The Group incurred insignificant acquisition-related costs, which are not included as part of the consideration transferred and have been recognized as an expense in the condensed interim consolidated statement of profit or loss, as part of professional expenses. The purchase consideration and the provisional fair value of the identifiable assets and liabilities of Viapool at the date of acquisition are as follows: Fair value USD Assets Intangible assets 5,530,000 Right of use asset 34,524 Property and equipment 45,170 Trade and other receivables 907,040 Cash and cash equivalents 332,005 6,848,739 Liabilities Interest-bearing loans 16,697 Trade and other payables 1,004,118 Lease liabilities 44,554 1,065,369 Total identifiable net assets at fair value 5,783,370 Non-controlling (2,833,851 ) Fair value of purchase consideration 4,400,000 Goodwill arising on acquisition 1,450,481 Cash flow USD Net cash acquired with the subsidiary (332,005 ) Cash consideration paid 1,000,000 Purchase consideration transferred 667,995 Purchase consideration is paid as follows: - $1 million in cash, paid by the Group at closing date of the acquisition; - $0.5 million in the Parent Company shares payable at closing date. The number of shares to be issued will be determined based on the share price at the date of payment; - $2.4 million in cash, payable ten business days counted as from of 31 March 2022; and - Maximum of $0.5 million in cash, payable subject to achieving certain revenue level as outlined in the stock purchase agreement (Note 21). At 30 June 2022, the share payment mentioned above was still due for issuance. Contribution of financial results to the Group The acquired business contributed a loss of $3,133,340 for the period since the acquisition date to 30 June 2022. (ii) Volt Lines On 25 May 2022, the Group acquired 100% of the shares of Volt Lines B.V. (“Volt Lines”), a company incorporated under the laws of the Netherlands, pursuant to the signed sale and purchase agreement. Volt Lines is engaged in the development, implementation and commercialization of new mobility and transport systems, including different services and connecting travellers with buses and private cars in Turkey. This acquisition has been accounted for in accordance with IFRS 3 Business Combinations. The Group incurred insignificant acquisition-related costs, which are not included as part of consideration transferred and have been recognized as an expense in the condensed interim consolidated statement of profit or loss, as part of professional expenses. The purchase consideration and the provisional fair value of the identifiable assets and liabilities of Volt Lines at the date of acquisition are as follows: Fair value USD Assets Intangible assets 2,170,000 Property and equipment 178,561 Right of use asset 173,389 Trade and other receivables 570,966 Cash and cash equivalents 142,918 3,235,834 Liabilities Interest-bearing loans 96,796 Trade and other payables 489,979 Convertible loan 241,506 Lease liabilities 188,010 1,016,291 Total identifiable net assets at fair value 2,219,543 Fair value of purchase consideration 13,200,000 Goodwill arising on acquisition 10,980,457 Cash flow USD Net cash acquired with the subsidiary (142,918 ) Cash consideration paid — Purchase consideration transferred (142,918 ) Purchase consideration is paid as follows: - $5 million in cash, payable by the Group within 6 months of the closing date; - 1,400,000 of the Parent Company shares (fair valued at $6.5 million at agreement closing date), payable at closing; and - Maximum of 1,800,000 of the Parent Company shares (fair valued at $1.7 million at agreement closing date), payable subject to achieving certain revenue milestones as outlined in the sale and purchase agreement (Note 21). At 30 June 2022, the share payment mentioned above was still due for issuance. Contribution of financial results to the Group The acquired business contributed a loss of $408,230 excluding gain from hyperinflation adjustment of $2,676,834 for the period since the acquisition date to 30 June 2022. (iii) Door2Door On 3 June 2022, the Group acquired 100% of the shares of Door2Door GMBH (“Door2Door”), a company incorporated under the laws of Germany, pursuant to the signed sale and purchase agreement. Door2Door is a high-growth mobility operations platform that partners with municipalities, public transit operators, corporations, and automotive companies to optimize shared mobility solutions across Europe. This acquisition has been accounted for in accordance with IFRS 3 Business Combination. The purchase consideration and the provisional fair value of the identifiable assets and liabilities of Door2Door at the date of acquisition are as follows: Fair value USD Assets Intangible assets 1,160,000 Property and equipment 48,730 Right of use asset 599,087 Trade and other receivables 250,495 Cash and cash equivalents 136,626 2,194,938 Liabilities Interest-bearing loans 1,320,773 Trade and other payables 1,640,583 Lease liabilities 677,866 3,639,222 Total identifiable net deficit at fair value (1,444,284 ) Fair value of purchase consideration 2,615,000 Goodwill arising on acquisition 4,059,284 Cash flow Acquisition USD Net cash acquired with the subsidiary (136,626 ) Cash consideration paid 1,074,842 Purchase consideration transferred 938,216 Purchase consideration is paid as follows: - $0.87 million in cash, paid by the Group at closing date; and - $1.54 million, to be paid in shares of the Parent Company, within 6 months from initial listing of the shares of the Parent Company on NASDAQ, but no later than 9 months from closing date. The number of shares to be issued will be determined based on the share price at the date of payment. In addition, the Group has paid $0.2 million as acquisition cost. At 30 June 2022, the share payment mentioned above was still due for issuance. Contribution of financial results to the Group The acquired business’s contribution to the Group’s financial results since the acquisition date was insignificant. The Group’s total goodwill is summarized as per the table below: (Unaudited) At 30 June (Audited) At USD USD Goodwill arising on acquisition of: Viapool 1,450,481 — Voltlines 10,980,457 — Door2Door 4,059,284 — Shotl 4,270,505 4,418,226 20,760,727 4,418,226 |
Trade And Other Receivables
Trade And Other Receivables | 6 Months Ended |
Jun. 30, 2022 | |
Trade and other receivables [abstract] | |
Trade and other receivables | 7 Trade and other receivables (Unaudited) (Audited) At USD USD Trade receivables 11,519,038 4,223,645 Customer wallet receivables 1,742,649 1,329,364 Accrued income 4,372,354 3,038,259 Less: provision for expected credit losses (4,598,163 ) (2,403,782 ) 13,035,878 6,187,486 Tax receivables 860,823 — Other receivables 381,475 415,754 14,278,176 6,603,240 Trade receivables are non-interest bearing and are generally on terms of up to . It is not the practice of the Group to obtain collateral over trade receivables and are therefore, unsecured. Provision for expected credit losses for receivables consists of the following: (Unaudited) (Audited) At USD USD Provision for expected credit losses for trade receivables 3,628,323 1,857,436 Provision for expected credit losses for customer wallet receivables 969,840 546,346 4,598,163 2,403,782 The movement in provision for expected credit losses are as follows: (Unaudited) (Audited) At USD USD At 1 January 2,403,782 1,076,678 Charge during the period/year 2,194,381 1,327,104 At the end of the period/year 4,598,163 2,403,782 |
Cash and bank balances
Cash and bank balances | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Cash and bank balances | 8 Cash and bank balances For the purpose of the cash flow statement, cash and cash equivalents comprise the following: (Unaudited) At 30 June 2022 (Audited) At 31 December USD USD Cash in hand 21,452 3,410 Cash at banks 19,293,456 9,534,704 Bank overdraft (10,528 ) (8,391 ) 19,304,380 9,529,723 |
Share capital
Share capital | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Share capital | 9 Share capital On 31 March 2022, the Parent Company’s common stock and warrants began trading on NASDAQ under the ticker symbols “SWVL” and “SWVLW,” respectively. The Parent Company is authorized to issue 555,000,000 shares, consisting of (a) 500,000,000 Class A Ordinary Shares with a par value of $0.0001 per share and (b) 55,000,000 preferred shares with a par value of $0.0001 per share. Prior to the Transaction, Swvl Inc. had seven classes of authorized common stock, Swvl Inc.’s Common A shares, Common B shares, Class A shares, Class B shares, Class C shares, Class D shares and Class D-1 9.1 Share capital (Unaudited) At 30 June 2022 Number of shares Number of shares Class A Ordinary Shares 500,000,000 118,883,072 Preferred Shares 55,000,000 — 555,000,000 118,883,072 Each Class A Ordinary share has a par value of $0.0001. The below table summarized the number of shares and share capital outstanding during the period: (Unaudited) At 30 June 2022 Number of shares Share capital Issuance of shares to Swvl Inc. shareholders 84,455,247 8,446 Iss u 13,949,000 1,395 Conversion of convertible notes 16,125,455 1,612 Issuance of shares to PIPE investors 3,966,400 397 Other shares issued during the period 386,970 39 118,883,072 11,889 9.2 Share premium The below table represents the components of share premium balance: (Unaudited) At 30 June 2022 Issuance of shares to Swvl Inc. shareholders 88,873,188 Issuance of shares to SPAC shareholders 32,332,406 Conversion of convertible notes 145,952,505 Issuance of share to PIPE investors 39,663,603 Recapitalization costs (Note 20) 139,609,424 Other shares issued during the period 2,670,139 449,101,265 Less: Costs attributable to the issuance of shares in connection with the business combination (59,332,184 ) Cost of earnout shares (75,550,455 ) 314,218,626 |
Employee share scheme reserve
Employee share scheme reserve | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Employee share scheme reserve | 10 Employee share scheme reserve At 30 June 2022, the employee share scheme reserve balance was $ 37,186,616 (at 31 December 2021: $36,929,523). Total charge arising from share-based payment transactions recognized in the consolidated statement of comprehensive income as part of employee benefit was $ 257,093 for the six-month six-month On 14 April 2022, the board of directors of the Parent Company passed a unanimous resolution to change the maximum number of share options that the Company is authorized to grant to its employees as identified by the management. This extension remains at similar terms with the original options, and are . The movement in share options and average exercise are as follows: (Unaudited) For the six-month (Audited) For the year ended 31 December 2021 Average exercise option Number of Average exercise option Number of USD USD At 1 January 1.230 8,514,500 2.303 4,466,470 Issued during the year 0.187 140,422 1.700 5,849,416 Forfeited during the year 1.056 (262,733 ) 2.008 (1,801,386 ) At the end of the period/year 1.595 8,392,189 1.609 8,514,500 Vested and exercisable 1.305 4,556,278 1.230 3,575,348 |
Earnouts liabilities
Earnouts liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Earnouts liabilities | 11 Earnouts liabilities During the time period between the Closing Date and the five-year anniversary of the Closing Date (the “Earnout Period”), eligible Swvl Shareholders may receive up to 15 million additional shares of the Parent Company’s Common Shares A (the “Earnout Shares”) in the aggregate in three equal tranches of 5 million shares if the volume-weighted average closing sale price of our Common Stock is greater than or equal to $12.50, $15.00 and $17.50 for any 20 trading days within any 30 consecutive trading day period (“Trigger Events”) (or an earlier Change of Control event). The Effective Time, which will be subject to potential forfeiture, and which will be able to be settled in Holdings Common Shares A upon the occurrence of the applicable Earnout Triggering Events (or an earlier Change of Control event). (Unaudited) At 30 June 2022 At 31 December 2021 USD USD Opening balance — — Recognized pursuant to the reverse acquisition transaction 75,550,455 — Change in fair value during the period/year (37,982,291 ) — Ending balance 37,568,164 — |
Derivative Warrant Liabilities
Derivative Warrant Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Derivative warrant liabilities | 12 Derivative warrant liabilities Private and Public Warrants Prior to the Transaction, the SPAC issued 17,433,333 warrants each exercisable at $11.50 per one Class A Ordinary Share, of which 11,500,000 are Public Warrants listed on NASDAQ and 5,933,333 Private Warrants held by the sponsor. Upon closing of the Transaction, the Parent Company assumed the Public Warrants and Private Warrants. Each whole warrant entitles the holder to purchase one share of the Company’s Class A ordinary shares at a price of $11.50 per share. The Public Warrants will expire years after completion of the transaction. The Parent Company has the ability to redeem the outstanding Public Warrants at any time after they become exercisable and prior to their expiration, at a price of $ per warrant, provided that the last reported sales price of the Parent Company’s Class A ordinary shares equals or exceeds $ per share. The Private Warrants are identical to the Public Warrants, except that the Private Warrants and the ordinary shares issuable upon exercise of the Private Warrants, so long as they are held by the sponsor or its permitted transferees, (i) will not be redeemable by the Parent Company, (ii) may not be transferred, assigned or sold by the holders until 30 days after the completion of the Transaction, (iii) may be exercised by the holders on a cashless basis and (iv) will be entitled to registration rights. If the Private Warrants are held by holders other than the sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by the holders on the same basis as the Public Warrants. (Unaudited) At 30 June 2022 At 31 December 2021 USD USD Opening balance — — Recognized pursuant to the reverse acquisition transaction 35,487,284 — Change in fair value during the period/year (24,342,284 ) — Ending balance 11,145,000 — |
Accounts Payable, Accruals and
Accounts Payable, Accruals and Other Payables | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Accounts payable, accruals and other payables | 13 Accounts payable, accruals and other payables (Unaudited) At 30 June 2022 (Audited) At 2021 USD USD Financial items Accounts payables 14,543,369 5,176,759 Accrued expenses 22,076,515 9,008,969 Deferred purchase price 18,283,552 3,618,902 Captain payables 2,001,949 1,249,948 Advances from customers 281,877 52,307 Other payables 2,945,913 560,857 60,133,175 19,667,742 Non-financial Advances from individual customers (e-wallets) 2,988,962 3,938,712 Total accounts payable, accruals and other payables 63,122,137 23,606,454 |
Portfolio optimization program
Portfolio optimization program | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Portfolio Optimization Program [Abstract] | |
Portfolio optimization program | 14 Portfolio optimization program On 30 May 2022, the Group announced a portfolio optimization plan that puts more focus on profitability measures and cost efficiencies across the business. Adopting this plan resulted in a 32% headcount reduction. During the six-month |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Revenue | 15 Revenue The Group derives its revenue principally from end-users Disaggregated revenue information (Unaudited) For the six-month period ended 30 June 2022 2021 USD USD Business to customers – B2C 15,355,066 5,092,454 Business to business – SaaS 483,233 — Business to business – TaaS 24,901,784 7,823,802 40,740,083 12,916,256 Revenue by geographical location (Unaudited) For the six-month period ended 30 June 2022 2021 USD USD Egypt 19,085,808 9,752,605 Pakistan 9,716,638 2,407,326 Kenya 2,091,455 351,229 Kingdom of Saudi Arabia 2,005,566 24,826 Jordan 1,651,022 85,745 Argentina 4,381,631 — Turkey 743,030 — Others 1,064,933 294,525 40,740,083 12,916,256 |
Staff costs
Staff costs | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Staff costs | 16 Staff costs (Unaudited) For the six-month 2022 2021 USD USD Salaries and other benefits 17,907,575 7,457,427 Severance payments (Note 14) 6,541,000 — Share-based payments charges (Note 10) 257,093 22,298,052 (Reversal of)/Employee end of service benefits (116,959 ) 193,400 24,588,709 29,948,879 Staff costs are allocated as detailed below: (Unaudited) For the six-month period ended 30 June 2022 2021 USD USD General and administrative expenses 21,600,547 28,177,432 Selling and marketing expenses 2,988,162 1,771,447 24,588,709 29,948,879 |
Taxes
Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Taxes | 17 Taxes 17.1 Components of provision for income taxes The below table summarizes the income tax benefits and corporate tax expenses incurred by the group: (Unaudited) For the six-month 2022 2021 USD USD Income tax benefit 672,857 1,693,740 Corporate tax expense (49,092 ) — 623,765 1,693,740 17.2 Deferred tax asset Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes at the enacted rates. The significant components of the Group’s deferred tax assets as of the six-month (Unaudited) six-month (Audited) USD USD Deferred tax asset movement: Opening balance 14,631,743 9,913,707 Deferred tax credits during the period/year 672,857 4,718,036 Closing balance 15,304,600 14,631,743 |
Net Loss per share
Net Loss per share | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Net Loss per share | 18 Net loss per share The following table sets forth the computation of basic and dilutive net loss per share attributable to the Group’s ordinary shareholders: (Unaudited) six-month (Unaudited) (Re-stated) six-month USD USD Net loss attributable to ordinary shareholders (161,619,569 ) (80,687,401 ) Weighted average shares outstanding – Basic and Diluted 106,253,308 85,288,745 Net loss per ordinary share – Basic and Diluted (1.52 ) (0.95 ) Basic net loss per share is computed by dividing the net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period, adjusted for the effect of the Conversion Ratio as discussed in Note 1 and applied retrospectively to all prior periods presented. As of 30 June 2022, 15 million Earnout Shares (Note 11) have been excluded from the calculation of weighted average shares outstanding, as they are contingently issuable subject to achieving certain milestones on the trading price and volume of our Class A ordinary shares on NASDAQ as discussed in Note 11. As the Group was loss-making in all periods presented in these condensed interim consolidated financial statements, potentially dilutive instruments all have an anti-dilutive impact and therefore have been excluded in the calculation of diluted weighted average number of ordinary shares outstanding. These instruments include certain outstanding equity awards, warrants, share options and convertible loans and could potentially dilute earnings per share in the future. |
Related party transactions and
Related party transactions and balances | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Related party transactions and balances | 19 Related party transactions and balances Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial and operating decisions. Related parties include associates, parent, subsidiaries, and key management personnel or their close family members. The terms and conditions of these transactions have been mutually agreed between the Group and the related parties. To determine significance, the Group considers various qualitative and quantitative factors including whether transactions with related parties are conducted in the ordinary course of business. Interest in subsidiaries The details of interests in the subsidiaries with whom the Group had entered into transactions or had agreements or arrangements in place during the period are disclosed in Note 1 of the condensed interim consolidated financial statements. Compensation of key management personnel Key management personnel of the Group comprise the Parent Company’s directors and senior management of the Group. (Unaudited) For the six-month period ended 30 June 2022 2021 USD USD Short-term employee benefits 1,045,722 370,016 Provision for end of service benefits 12,315,458 65,679 Share-based payments 40,717 9,751,149 13,401,897 10,186,844 No. of key management 7 7 Transactions with related parties Details of transactions with related parties during the period, other than those which have been disclosed elsewhere in these condensed interim consolidated financial statements, are as follows: (Unaudited) For six-month 2022 2021 USD USD (Repayment from)/advances to shareholders — (10,044 ) Short-term loans from related parties (Unaudited) At 30 June 2022 (Audited) At USD USD Sister company Routebox Technologies SL 77,894 84,039 Shareholders of Shotl Transportation SL Camina Lab SL 299,653 323,338 Marfina SL 66,151 71,387 365,804 394,725 443,698 478,764 |
Recapitalization Costs
Recapitalization Costs | 6 Months Ended |
Jun. 30, 2022 | |
Recapitalization Costs [Abstract] | |
Recapitalization Costs | 20 Recapitalization costs The difference in the fair value of the shares issued by the Company, the accounting acquirer, and the fair value of the SPAC’s, accounting acquiree’s, identifiable net assets represents a service received by the accounting acquirer. This difference is considered as cost of listing (recapitalization), and recorded in the condensed interim consolidated statement of profit or loss. During the period, the Group incurred certain expenses as a result of the SPAC transaction. The following table displays the calculation of the listing costs recognized during the period: Number of At Closing USD USD Net deficit from SPAC transferred to the Group 18,532,095 SPAC ordinary shares outstanding 34,500,000 — SPAC ordinary shares redeemed (29,175,999 ) — Remaining Class A Ordinary Shares 5,324,001 — SPAC Class B Sponsor Shares 8,625,000 — Total shares issued to SPAC 13,949,001 — Diluted share price at Closing Date 8.68 — Total value transferred to the SPAC 121,077,329 Recapitalization costs 139,609,424 21 Fair value of financial instruments |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Fair Value Of Financial Instruments | A fair value measurement of a non-financial The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurement are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: Level 1: quoted market price (unadjusted) in an active market for identical assets or liabilities that the entity can access at the measurement date. Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability; either directly or indirectly. Level 3: inputs that are unobservable inputs for the asset or liability. The following table shows the levels within the hierarchy of financial assets and liabilities measured at fair value on a recurring basis at 30 June 2022 and 31 December 2021 30 June 2022 Level 1 Level 2 Level 3 Total Financial assets Current financial assets — — 5,000,000 5,000,000 Total financial assets — — 5,000,000 5,000,000 Financial liabilities Contingent consideration — — 2,196,000 2,196,000 Earnout liabilities — — 37,568,164 37,568,164 Derivative warrant liabilities — — 11,145,000 11,145,000 Total financial liabilities — — 50,909,164 50,909,164 31 December 2021 Level 1 Level 2 Level 3 Total Financial assets Current financial assets — — 10,000,880 10,000,880 Total financial assets — — 10,000,880 10,000,880 Financial liabilities Derivatives liability — — 44,330,400 44,330,400 Total financial liabilities — — 44,330,400 44,330,400 The Group’s measurement of earnout liabilities, derivative warrant liabilities and contingent consideration are classified in Level 3 using valuation technique inputs that are not based on observable market data. Derivative warrant liabilities The Public Warrants were valued using Binomial lattice model while the Private Warrants were valued using BSOPM, which are considered to be a Level 3 fair value measurement. The primary unobservable inputs utilized in determining the fair value of the derivatives warrant liabilities are the expected volatility of our ordinary shares and risk-free rate. Earnout liabilities Earnout liabilities were valued using a Monte Carlo simulation based on the frequency that each tranche vests to value the dilutive impact of per share. The primary unobservable inputs utilized in determining the fair value of the earnout liabilities are equity volatility, cost of equity, probability of vesting and risk-free rate. Contingent consideration The fair value of the contingent consideration, related to the acquisitions of Viapool and Volt Lines (Note 6) in 2022, is estimated using a present value technique which discounts the management’s estimate of the probability that agreements’ target level of activity will be achieved. The primary unobservable inputs utilized in determining the fair value of the contingent consideration are the discount rate and the discount for lack of marketability. The significant unobservable inputs used in the fair value measurements, are presented below: Description Significant unobservable input Estimate of the input Earnout liabilities Equity Volatility 55 % Cost of equity 18 % Probability of vesting 35.7-52 % Risk-free rate 3.38 % Derivative warrant liabilities Volatility 21.6-37.8 % Risk-free rate 2.99 % Contingent consideration Discount rate 9.3 % Discount for lack of marketability 60-70 % The carrying amounts of the following financial assets and liabilities are considered a reasonable approximation of their fair value: • trade and other receivables • cash and bank balances • accounts payable, accruals and other payables (except for contingent consideration) • interest-bearing loans. |
Subsequent events
Subsequent events | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Subsequent events | 22 Subsequent events 22.1 Acquisition of a shared mobility platform, Urbvan Mobility Ltd. On 11 July 2022, the Group closed a definitive sales and purchase agreement to acquire all the shares of Urbvan Mobility Ltd, a shared mobility platform offering tech-enabled transportation services across Mexico. The agreed purchase price is detailed below: • On the 6-month • On the 10-month • On the 12-month • On the 16-month • On the 24-month • Maximum of 750,000 Class A Ordinary Shares, payable subject to achieving certain revenue level as outlined in the sales and purchase agreement. 22.2 Voluntary extension of Swvl shares lock-up On 10 July 2022, certain shareholders, directors and officers of the Parent Company, including certain of its pre-Transaction “Lock-Up Holders”), entered into voluntary Lock-Up Lock-Up 22.3 Offer and sale purchase agreement with B. Riley Principal Capital LLC On 8 July 2022, Swvl received it’s Notice of Effectiveness from the U.S. Securities and Exchange Commission on the purchase agreement entered with B. Riley Principal Capital LLC (“Riley”) on , which enables the Company, at its discretion, to elect to issue and sell to Riley up to of Class A Ordinary Shares. 22.4 Private placement of Class A Ordinary Shares and Warrants On 9 August 2022, the Group entered a private placement agreement (“Securities Purchase Agreement”) to sell Class A Ordinary Shares and Warrants to an investor for a total subscription amount of $20 million which are paid in full at the date of execution. Under the Securities Purchase Agreement, the Group agreed to sell, and the investor agreed to purchase, 12,121,214 Class A Ordinary Shares of the Company, and accordingly the Group issued the relevant shares to the investor. In addition, the investor receives 12,121,214 series A warrant exercisable within 5 years and 6,060,607 series B warrant exercisable within 2 years. 22.5 Termination of Agreement to Acquire Zeelo LTD. On July 29, 2022, the Group and Zeelo LTD. agreed to terminate their previously announced transaction whereby the Group would acquire Zeelo. The acquisition transaction was announced on April 28, 2022 and expected to close on May 24, 2022. All pre-completion During the period, the Group has impaired a convertible notes balance from Zeelo LTD of $10 million. |
Basis of preparation (Policies)
Basis of preparation (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Basis of preparation | 2 Basis of preparation These condensed interim consolidated financial statements are for the six-month These condensed interim consolidated financial statements do not include all of the information required in annual consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”) and should be read in conjunction with the consolidated financial statements for the year ended 31 December 2021. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual financial statements. |
Going concern | 2.1 Going concern These condensed interim consolidated financial statements have been prepared on a going concern basis, which assumes that the Group will be able to discharge its liabilities in the ordinary course of business. The Group had net losses of $ six-month six-month $ six-month six-month Notwithstanding these results, management believes there are no events or conditions that give rise to doubt the ability of the Group to continue as a going concern for a period of twelve months after the preparation of the condensed interim consolidated financial statements. The assessment includes knowledge of the Group’s subsequent financial position, the estimated economic outlook and identified risks and uncertainties in relation thereto. The Group has funded its operations primarily with proceeds from the issuance of Class A Ordinary Shares. On 31 March 2022, the Group received gross proceeds of $53.3 million and $111.5 million from the reverse recapitalization transaction and sale of shares to certain PIPE investors, respectively. In addition, adopting the portfolio optimization plan will contribute to strengthening the Group’s financial position (Note 14). Subsequent to period-end, |
Covid-19 | 2.2 Covid-19 The onset of the Covid-19 Covid-19 Covid-19 Management has considered the effects of Covid-19 six- Covid-19 |
Amended standards adopted by the Group | 2.3 Amended standards adopted by the Group A number of amended standards became applicable for the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these amended standards. |
Accounting policies | 2.4 Accounting policies The accounting policies used for the condensed interim consolidated financial statements for the six-month and derivatives warrant liabilities recognized during the six-month period ended 30 June 2022, as described below: Earnout liabilities Earnout liabilities are initially recognized at fair value at their inception, and subsequently at fair value at each reporting date. Valuation of shares earnout liability is measured using an appropriate valuation model which considers various factors such as the current trading stock price, equity volatility and cost of equity. The change in fair value of the earnout liabilities is recognized in the statement of profit or loss. Derivative warrant liabilities Warrants assumed in the Transaction give the holder the right, but not the obligation to subscribe to the Company’s Ordinary Shares at a fixed or determinable price for a specified period of five years. These instruments were part of the net assets acquired in the Transaction and, therefore, have applied the provisions of debt and equity classification under IAS 32. Therefore, the warrants are accounted for as a financial liability (derivative liability) recognized at fair value upon the closing of the Transaction, and subsequently remeasured at fair value through profit and loss. |
Financial reporting in hyperinflationary economies | 2.5 Financial reporting in hyperinflationary economies The Group’s subsidiaries located in Argentina and Turkey (Note 1.1) are operating in hyperinflationary economies. Accordingly, the results, cash flows and financial position of those subsidiaries have been expressed in terms of the measuring unit current, at the end of the reporting period. The price index identification and movement are indicated as below: Argentina Turkey Price index identity Consumer (Basis points) Consumer (Basis points) Price index level at 1 Jan 2022 605 763 Price index level at 30 June 2022 798 977 Change in index 193 214 The Group recognized an amount of $2,637,888 for the six-month six-month |
Establishment and Operations (T
Establishment and Operations (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Summary of Consolidated Subsidiaries | (i) The Parent Company’s subsidiary Smart Way Transportation LLC (Jordan) was incorporated during the year ended 31 December 2021. The subsidiary is currently legally owned by a member of the Group’s management and is in the process of a legal ownership transfer to the Group. The subsidiary has been consolidated at 30 June 2022 based on the beneficial ownership and effective control. (ii) The Parent Company acquired 51% of the shares of Viapool Inc., a company based in Delaware, USA (Note 6) and holding each of Movilidad Digital SAS, Viapool SRL, Viapool SPA and Swvl Brasil Tecnologia LTDA. The Parent Company consolidates these entities based on de facto control. (iii) The Parent Company acquired 100% of the shares of Blitz B22-203 B22-203 (iv) The Parent Company acquired 100% of the shares of Volt Line BV, a company based in Netherlands (Note 6) and holding each of Volt Lines Akilli Ulasim Teknolojileri ve Tasimacilik AS and Volt Lines MENA limited. The Parent Company consolidates these entities based on de facto control. |
Summary of Proceeds From Reverse Recapitalization | The following table summarizes the proceeds raised and issuance costs incurred related to the Business Combination on 30 March 2022: Number USD Public shares outstanding 34,500,000 345,000,000 Shares redeemed (29,175,999 ) (291,759,990 ) Shared issued to SPAC 5,324,001 53,240,010 Cash from reverse recapitalization 53,240,010 SPAC reverse recapitalization professional fees (20,923,449 ) Net proceeds from reverse recapitalization 32,316,561 |
Basis of preparation (Tables)
Basis of preparation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Hyperinflationary Reporting [Abstract] | |
Schedule of the price index identification and movement | The price index identification and movement are indicated as below: Argentina Turkey Price index identity Consumer (Basis points) Consumer (Basis points) Price index level at 1 Jan 2022 605 763 Price index level at 30 June 2022 798 977 Change in index 193 214 |
Property and equipment (Table)
Property and equipment (Table) | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Summary of Property, Equipment and Depreciation is allocated | The property and equipment net book value consists of the following: (Unaudited) At 30 June 2022 (Audited) At USD USD Furniture, fittings and equipment 903,996 483,547 Leasehold improvements 332,067 165,157 Construction work-in-progress 511,354 — Property and equipment, net 1,747,417 648,704 |
Intangible assets (Tables)
Intangible assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Summary of intangible assets | (Unaudited) At 30 June 2022 Net book value (Audited) At 31 December 2021 Net book value USD USD Trade name 900,968 10,000 Customer list (B2B relationships) 4,297,384 50,000 Developed technology 5,272,646 928,406 10,470,998 988,406 |
Summary of the estimated useful lives of the assets | Amortization is computed using the straight-line method based on the estimated useful lives of the assets as follows: Years Trade name 2 Customer list (B2B relationships) 8-11 Developed technology 5 |
Business Combination and Good_2
Business Combination and Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of detailed information about business combination [line items] | |
Summary of group's total goodwill | The Group’s total goodwill is summarized as per the table below: (Unaudited) At 30 June (Audited) At USD USD Goodwill arising on acquisition of: Viapool 1,450,481 — Voltlines 10,980,457 — Door2Door 4,059,284 — Shotl 4,270,505 4,418,226 20,760,727 4,418,226 |
Volt Lines [Member] | |
Disclosure of detailed information about business combination [line items] | |
Summary of purchase consideration | The purchase consideration and the provisional fair value of the identifiable assets and liabilities of Volt Lines at the date of acquisition are as follows: Fair value USD Assets Intangible assets 2,170,000 Property and equipment 178,561 Right of use asset 173,389 Trade and other receivables 570,966 Cash and cash equivalents 142,918 3,235,834 Liabilities Interest-bearing loans 96,796 Trade and other payables 489,979 Convertible loan 241,506 Lease liabilities 188,010 1,016,291 Total identifiable net assets at fair value 2,219,543 Fair value of purchase consideration 13,200,000 Goodwill arising on acquisition 10,980,457 Cash flow USD Net cash acquired with the subsidiary (142,918 ) Cash consideration paid — Purchase consideration transferred (142,918 ) |
Viapool [Member] | |
Disclosure of detailed information about business combination [line items] | |
Summary of purchase consideration | The purchase consideration and the provisional fair value of the identifiable assets and liabilities of Viapool at the date of acquisition are as follows: Fair value USD Assets Intangible assets 5,530,000 Right of use asset 34,524 Property and equipment 45,170 Trade and other receivables 907,040 Cash and cash equivalents 332,005 6,848,739 Liabilities Interest-bearing loans 16,697 Trade and other payables 1,004,118 Lease liabilities 44,554 1,065,369 Total identifiable net assets at fair value 5,783,370 Non-controlling (2,833,851 ) Fair value of purchase consideration 4,400,000 Goodwill arising on acquisition 1,450,481 Cash flow USD Net cash acquired with the subsidiary (332,005 ) Cash consideration paid 1,000,000 Purchase consideration transferred 667,995 |
Door2Door [Member] | |
Disclosure of detailed information about business combination [line items] | |
Summary of purchase consideration | The purchase consideration and the provisional fair value of the identifiable assets and liabilities of Door2Door at the date of acquisition are as follows: Fair value USD Assets Intangible assets 1,160,000 Property and equipment 48,730 Right of use asset 599,087 Trade and other receivables 250,495 Cash and cash equivalents 136,626 2,194,938 Liabilities Interest-bearing loans 1,320,773 Trade and other payables 1,640,583 Lease liabilities 677,866 3,639,222 Total identifiable net deficit at fair value (1,444,284 ) Fair value of purchase consideration 2,615,000 Goodwill arising on acquisition 4,059,284 Cash flow Acquisition USD Net cash acquired with the subsidiary (136,626 ) Cash consideration paid 1,074,842 Purchase consideration transferred 938,216 |
Trade And Other Receivables (Ta
Trade And Other Receivables (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Trade and other receivables [abstract] | |
Summary of trade and other receivables | (Unaudited) (Audited) At USD USD Trade receivables 11,519,038 4,223,645 Customer wallet receivables 1,742,649 1,329,364 Accrued income 4,372,354 3,038,259 Less: provision for expected credit losses (4,598,163 ) (2,403,782 ) 13,035,878 6,187,486 Tax receivables 860,823 — Other receivables 381,475 415,754 14,278,176 6,603,240 |
Summary of provision for expected credit losses for receivables | Provision for expected credit losses for receivables consists of the following: (Unaudited) (Audited) At USD USD Provision for expected credit losses for trade receivables 3,628,323 1,857,436 Provision for expected credit losses for customer wallet receivables 969,840 546,346 4,598,163 2,403,782 |
Summary of provision for expected credit losses | The movement in provision for expected credit losses are as follows: (Unaudited) (Audited) At USD USD At 1 January 2,403,782 1,076,678 Charge during the period/year 2,194,381 1,327,104 At the end of the period/year 4,598,163 2,403,782 |
Cash and bank balances (Tables)
Cash and bank balances (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Summary of cash and cash equivalents | For the purpose of the cash flow statement, cash and cash equivalents comprise the following: (Unaudited) At 30 June 2022 (Audited) At 31 December USD USD Cash in hand 21,452 3,410 Cash at banks 19,293,456 9,534,704 Bank overdraft (10,528 ) (8,391 ) 19,304,380 9,529,723 |
Share capital (Tables)
Share capital (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Share capital | 9.1 Share capital (Unaudited) At 30 June 2022 Number of shares Number of shares Class A Ordinary Shares 500,000,000 118,883,072 Preferred Shares 55,000,000 — 555,000,000 118,883,072 |
Summary of Share Capital | The below table summarized the number of shares and share capital outstanding during the period: (Unaudited) At 30 June 2022 Number of shares Share capital Issuance of shares to Swvl Inc. shareholders 84,455,247 8,446 Iss u 13,949,000 1,395 Conversion of convertible notes 16,125,455 1,612 Issuance of shares to PIPE investors 3,966,400 397 Other shares issued during the period 386,970 39 118,883,072 11,889 |
Summary of Share Premium | The below table represents the components of share premium balance: (Unaudited) At 30 June 2022 Issuance of shares to Swvl Inc. shareholders 88,873,188 Issuance of shares to SPAC shareholders 32,332,406 Conversion of convertible notes 145,952,505 Issuance of share to PIPE investors 39,663,603 Recapitalization costs (Note 20) 139,609,424 Other shares issued during the period 2,670,139 449,101,265 Less: Costs attributable to the issuance of shares in connection with the business combination (59,332,184 ) Cost of earnout shares (75,550,455 ) 314,218,626 |
Employee share scheme reserve (
Employee share scheme reserve (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Summary of Exercise Price of the Options | The movement in share options and average exercise are as follows: (Unaudited) For the six-month (Audited) For the year ended 31 December 2021 Average exercise option Number of Average exercise option Number of USD USD At 1 January 1.230 8,514,500 2.303 4,466,470 Issued during the year 0.187 140,422 1.700 5,849,416 Forfeited during the year 1.056 (262,733 ) 2.008 (1,801,386 ) At the end of the period/year 1.595 8,392,189 1.609 8,514,500 Vested and exercisable 1.305 4,556,278 1.230 3,575,348 |
Earnouts liabilities (Tables)
Earnouts liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Summary of earnouts liabilities | (Unaudited) At 30 June 2022 At 31 December 2021 USD USD Opening balance — — Recognized pursuant to the reverse acquisition transaction 75,550,455 — Change in fair value during the period/year (37,982,291 ) — Ending balance 37,568,164 — |
Derivative Warrant Liabilities
Derivative Warrant Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Summary of Derivative Warrant Liabilities | (Unaudited) At 30 June 2022 At 31 December 2021 USD USD Opening balance — — Recognized pursuant to the reverse acquisition transaction 35,487,284 — Change in fair value during the period/year (24,342,284 ) — Ending balance 11,145,000 — |
Accounts Payable, Accruals an_2
Accounts Payable, Accruals and Other Payables (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Summary of Accounts Payables | (Unaudited) At 30 June 2022 (Audited) At 2021 USD USD Financial items Accounts payables 14,543,369 5,176,759 Accrued expenses 22,076,515 9,008,969 Deferred purchase price 18,283,552 3,618,902 Captain payables 2,001,949 1,249,948 Advances from customers 281,877 52,307 Other payables 2,945,913 560,857 60,133,175 19,667,742 Non-financial Advances from individual customers (e-wallets) 2,988,962 3,938,712 Total accounts payable, accruals and other payables 63,122,137 23,606,454 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Summary of revenue from contracts with customers and geographical location | Disaggregated revenue information (Unaudited) For the six-month period ended 30 June 2022 2021 USD USD Business to customers – B2C 15,355,066 5,092,454 Business to business – SaaS 483,233 — Business to business – TaaS 24,901,784 7,823,802 40,740,083 12,916,256 Revenue by geographical location (Unaudited) For the six-month period ended 30 June 2022 2021 USD USD Egypt 19,085,808 9,752,605 Pakistan 9,716,638 2,407,326 Kenya 2,091,455 351,229 Kingdom of Saudi Arabia 2,005,566 24,826 Jordan 1,651,022 85,745 Argentina 4,381,631 — Turkey 743,030 — Others 1,064,933 294,525 40,740,083 12,916,256 |
Staff costs (Tables)
Staff costs (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Summary of Staff Costs | (Unaudited) For the six-month 2022 2021 USD USD Salaries and other benefits 17,907,575 7,457,427 Severance payments (Note 14) 6,541,000 — Share-based payments charges (Note 10) 257,093 22,298,052 (Reversal of)/Employee end of service benefits (116,959 ) 193,400 24,588,709 29,948,879 Staff costs are allocated as detailed below: (Unaudited) For the six-month period ended 30 June 2022 2021 USD USD General and administrative expenses 21,600,547 28,177,432 Selling and marketing expenses 2,988,162 1,771,447 24,588,709 29,948,879 |
Taxes (Tables)
Taxes (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Schedule of components of provision for income taxes | The below table summarizes the income tax benefits and corporate tax expenses incurred by the group: (Unaudited) For the six-month 2022 2021 USD USD Income tax benefit 672,857 1,693,740 Corporate tax expense (49,092 ) — 623,765 1,693,740 |
Schedule of movement of deferred tax assets | The significant components of the Group’s deferred tax assets as of the six-month (Unaudited) six-month (Audited) USD USD Deferred tax asset movement: Opening balance 14,631,743 9,913,707 Deferred tax credits during the period/year 672,857 4,718,036 Closing balance 15,304,600 14,631,743 |
Net Loss per share (Tables)
Net Loss per share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings per share [abstract] | |
Earnings per share [text block] | The following table sets forth the computation of basic and dilutive net loss per share attributable to the Group’s ordinary shareholders: (Unaudited) six-month (Unaudited) (Re-stated) six-month USD USD Net loss attributable to ordinary shareholders (161,619,569 ) (80,687,401 ) Weighted average shares outstanding – Basic and Diluted 106,253,308 85,288,745 Net loss per ordinary share – Basic and Diluted (1.52 ) (0.95 ) |
Related party transactions an_2
Related party transactions and balances (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Schedule of Key management personnel of the Group comprise the directors | Key management personnel of the Group comprise the Parent Company’s directors and senior management of the Group. (Unaudited) For the six-month period ended 30 June 2022 2021 USD USD Short-term employee benefits 1,045,722 370,016 Provision for end of service benefits 12,315,458 65,679 Share-based payments 40,717 9,751,149 13,401,897 10,186,844 No. of key management 7 7 |
Schedule of Transactions with related parties | Details of transactions with related parties during the period, other than those which have been disclosed elsewhere in these condensed interim consolidated financial statements, are as follows: (Unaudited) For six-month 2022 2021 USD USD (Repayment from)/advances to shareholders — (10,044 ) Short-term loans from related parties (Unaudited) At 30 June 2022 (Audited) At USD USD Sister company Routebox Technologies SL 77,894 84,039 Shareholders of Shotl Transportation SL Camina Lab SL 299,653 323,338 Marfina SL 66,151 71,387 365,804 394,725 443,698 478,764 |
Recapitalization Costs (Tables)
Recapitalization Costs (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Recapitalization Costs [Abstract] | |
Recapitalization costs | The following table displays the calculation of the listing costs recognized during the period: Number of At Closing USD USD Net deficit from SPAC transferred to the Group 18,532,095 SPAC ordinary shares outstanding 34,500,000 — SPAC ordinary shares redeemed (29,175,999 ) — Remaining Class A Ordinary Shares 5,324,001 — SPAC Class B Sponsor Shares 8,625,000 — Total shares issued to SPAC 13,949,001 — Diluted share price at Closing Date 8.68 — Total value transferred to the SPAC 121,077,329 Recapitalization costs 139,609,424 21 Fair value of financial instruments |
Fair Value Of Financial Instr_2
Fair Value Of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Summary of Disclosure of hierarchy levels of fair value of financial assets and liabilities measured at fair value on a recurring basis | The following table shows the levels within the hierarchy of financial assets and liabilities measured at fair value on a recurring basis at 30 June 2022 and 31 December 2021 30 June 2022 Level 1 Level 2 Level 3 Total Financial assets Current financial assets — — 5,000,000 5,000,000 Total financial assets — — 5,000,000 5,000,000 Financial liabilities Contingent consideration — — 2,196,000 2,196,000 Earnout liabilities — — 37,568,164 37,568,164 Derivative warrant liabilities — — 11,145,000 11,145,000 Total financial liabilities — — 50,909,164 50,909,164 31 December 2021 Level 1 Level 2 Level 3 Total Financial assets Current financial assets — — 10,000,880 10,000,880 Total financial assets — — 10,000,880 10,000,880 Financial liabilities Derivatives liability — — 44,330,400 44,330,400 Total financial liabilities — — 44,330,400 44,330,400 |
Summary of disclosure of significant unobservable inputs used in the fair value measurements | The significant unobservable inputs used in the fair value measurements, are presented below: Description Significant unobservable input Estimate of the input Earnout liabilities Equity Volatility 55 % Cost of equity 18 % Probability of vesting 35.7-52 % Risk-free rate 3.38 % Derivative warrant liabilities Volatility 21.6-37.8 % Risk-free rate 2.99 % Contingent consideration Discount rate 9.3 % Discount for lack of marketability 60-70 % |
Establishment and Operations -
Establishment and Operations - Summary of Proceeds From Reverse Recapitalization (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Disclosure Of Proceeds From Reverse Recapitalization [Line Items] | ||
Public shares outstanding , Shares | 118,883,072 | |
Public shares outstanding | $ 11,889 | $ 8,529 |
Shares redeemed ,Shares | (29,175,999) | |
Shares redeemed | $ (291,759,990) | |
Shared issued to SPAC ,Shares | 5,324,001 | |
Shared issued to SPAC | $ 53,240,010 | |
Cash from reverse recapitalization | 53,240,010 | |
SPAC reverse recapitalization professional fees | (20,923,449) | |
Net proceeds from reverse recapitalization | $ 32,316,561 | |
Public Shares | ||
Disclosure Of Proceeds From Reverse Recapitalization [Line Items] | ||
Public shares outstanding , Shares | 34,500,000 | |
Public shares outstanding | $ 345,000,000 |
Establishment and Operations _2
Establishment and Operations - Summary of Consolidated Subsidiaries (Detail) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Swvl for Smart Transport Applications and Services LLC [member] | ||
Disclosure of subsidiaries [line items] | ||
Company name | Swvl for Smart Transport Applications and Services LLC | |
Country of incorporation | Egypt | |
Percentage of Legal ownership | 99.80% | 99.80% |
Principal business activities | Providing atechnology platform to enable passengertransportation | |
Swvl Pakistan (Private) Ltd [member] | ||
Disclosure of subsidiaries [line items] | ||
Company name | Swvl Pakistan (Private) Ltd. | |
Country of incorporation | Pakistan | |
Percentage of Legal ownership | 99.99% | 99.99% |
Principal business activities | Providing a technology platform to enable passenger transportation | |
Swvl NBO Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Company name | Swvl NBO Limited | |
Country of incorporation | Kenya | |
Percentage of Legal ownership | 100% | 100% |
Principal business activities | Providing a technology platform to enable passenger transportation | |
Swvl Technologies Ltd [member] | ||
Disclosure of subsidiaries [line items] | ||
Company name | Swvl Technologies Ltd. | |
Country of incorporation | Kenya | |
Percentage of Legal ownership | 100% | 100% |
Principal business activities | Providing a technology platform to enable passenger transportation | |
Swvl Technologies FZE [member] | ||
Disclosure of subsidiaries [line items] | ||
Company name | Swvl Technologies FZE | |
Country of incorporation | UAE | |
Percentage of Legal ownership | 100% | 100% |
Principal business activities | Providing a technology platform to enable passenger transportation | |
Swvl Global FZE [member] | ||
Disclosure of subsidiaries [line items] | ||
Company name | Swvl Global FZE | |
Country of incorporation | UAE | |
Percentage of Legal ownership | 100% | 100% |
Principal business activities | Headquarters and management activities | |
Smart Way Transportation LLC [member] | ||
Disclosure of subsidiaries [line items] | ||
Company name | Smart Way Transportation LLC | |
Country of incorporation | Jordan | |
Principal business activities | Providing a technology platform to enable passenger transportation | |
Swvl Saudi for Information Technology [member] | ||
Disclosure of subsidiaries [line items] | ||
Company name | Swvl Saudi for Information Technology | |
Country of incorporation | Kingdom of Saudi Arabia | |
Percentage of Legal ownership | 100% | 100% |
Principal business activities | Providing a technology platform to enable passenger transportation | |
Swvl My For Information Technology SDN BHD [member] | ||
Disclosure of subsidiaries [line items] | ||
Company name | Swvl My For Information Technology SDN BHD | |
Country of incorporation | Malaysia | |
Percentage of Legal ownership | 100% | 100% |
Principal business activities | Providing a technology platform to enable passenger transportation | |
Shotl Transportation, S.L. [member] | ||
Disclosure of subsidiaries [line items] | ||
Company name | Shotl Transportation, S.L. | |
Country of incorporation | Spain | |
Percentage of Legal ownership | 55% | 55% |
Principal business activities | Providing a technology platform to enable passenger transportation | |
Swvl Inc [Member] | ||
Disclosure of subsidiaries [line items] | ||
Company name | Swvl Inc. | |
Country of incorporation | British Virgin Islands | |
Percentage of Legal ownership | 100% | |
Principal business activities | Holding company | |
Pivotal Merger Sub Company I [Member] | ||
Disclosure of subsidiaries [line items] | ||
Company name | Pivotal Merger Sub Company I | |
Country of incorporation | Cayman Islands | |
Percentage of Legal ownership | 100% | |
Principal business activities | Merger entity | |
Viapool Inc | ||
Disclosure of subsidiaries [line items] | ||
Company name | Viapool Inc. | |
Country of incorporation | Delaware, USA | |
Percentage of Legal ownership | 51% | |
Principal business activities | Holding company | |
Movilidad Digital SAS | ||
Disclosure of subsidiaries [line items] | ||
Company name | Movilidad Digital SAS | |
Country of incorporation | Argentina | |
Percentage of Legal ownership | 51% | |
Principal business activities | Providing a technology platform to enable passenger transportation | |
Viapool SRL | ||
Disclosure of subsidiaries [line items] | ||
Company name | Viapool SRL | |
Country of incorporation | Argentina | |
Percentage of Legal ownership | 51% | |
Principal business activities | Providing a technology platform to enable passenger transportation | |
Viapool SPA | ||
Disclosure of subsidiaries [line items] | ||
Company name | Viapool SPA | |
Country of incorporation | Chile | |
Percentage of Legal ownership | 51% | |
Principal business activities | Providing a technology platform to enable passenger transportation | |
Swvl Brasil Tecnologia LTDA (ii) | ||
Disclosure of subsidiaries [line items] | ||
Company name | Swvl Brasil Tecnologia LTDA | |
Country of incorporation | Brazil | |
Percentage of Legal ownership | 51% | |
Principal business activities | Providing a technology platform to enable passenger transportation | |
Swvl Germany GmbH (formerly "Blitz B22-203 GmbH") | ||
Disclosure of subsidiaries [line items] | ||
Company name | Swvl Germany GmbH (formerly “Blitz B22-203 GmbH”) | |
Country of incorporation | Germany | |
Percentage of Legal ownership | 100% | |
Principal business activities | Holding company | |
Door2Door GmbH | ||
Disclosure of subsidiaries [line items] | ||
Company name | Door2Door GmbH | |
Country of incorporation | Germany | |
Percentage of Legal ownership | 100% | |
Principal business activities | Providing atechnology platform toenable passengertransportation | |
Volt Lines B.V. | ||
Disclosure of subsidiaries [line items] | ||
Company name | Volt Lines B.V. | |
Country of incorporation | Netherlands | |
Percentage of Legal ownership | 100% | |
Principal business activities | Holding company | |
Volt Lines Akilli Ulasim Teknolojileri ve Tasimacilik AS | ||
Disclosure of subsidiaries [line items] | ||
Company name | Volt Lines Akilli Ulasim Teknolojileri ve Tasimacilik AS | |
Country of incorporation | Turkey | |
Percentage of Legal ownership | 100% | |
Principal business activities | technology platform to | |
Volt Lines MENA limited | ||
Disclosure of subsidiaries [line items] | ||
Company name | Volt Lines MENA limited | |
Country of incorporation | UAE | |
Percentage of Legal ownership | 100% | |
Principal business activities | transportation |
Establishment and Operations _3
Establishment and Operations - Summary of Consolidated Subsidiaries (Parenthetical) (Detail) | 6 Months Ended |
Jun. 30, 2022 | |
Viapool Inc | |
Disclosure of subsidiaries [line items] | |
Percentage of Legal ownership | 51% |
Door2Door GmbH | |
Disclosure of subsidiaries [line items] | |
Percentage of Legal ownership | 100% |
Swvl Germany GmbH (formerly "Blitz B22-203 GmbH") | |
Disclosure of subsidiaries [line items] | |
Percentage of Legal ownership | 100% |
Volt Lines B.V. | |
Disclosure of subsidiaries [line items] | |
Percentage of Legal ownership | 100% |
Establishment and Operations _4
Establishment and Operations - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Mar. 31, 2022 | Jun. 30, 2022 |
Disclosure Of Establishment And Operations [Line Items] | ||
Number of shares authorised | 555,000,000 | 555,000,000 |
Number of shares outstanding | 118,883,072 | |
Par value per share | $ 0.0001 | |
Class of warrants issued during the period | 17,433,333 | |
Public Warrants [Member] | ||
Disclosure Of Establishment And Operations [Line Items] | ||
Class of warrants issued during the period | 11,500,000 | |
Private Warrants [Member] | ||
Disclosure Of Establishment And Operations [Line Items] | ||
Class of warrants issued during the period | 5,933,333 | |
Preference shares [member] | ||
Disclosure Of Establishment And Operations [Line Items] | ||
Number of shares authorised | 55,000,000 | 55,000,000 |
Number of shares outstanding | 0 | |
Par value per share | $ 0.0001 | |
Class A Ordinary Shares [Member] | ||
Disclosure Of Establishment And Operations [Line Items] | ||
Number of shares authorised | 500,000,000 | |
Par value per share | $ 0.0001 | |
Business Combination Agreement [member] | ||
Disclosure Of Establishment And Operations [Line Items] | ||
Prefunded PIPE Subscription Amount | $ 71.8 | |
Business Combination Agreement [member] | Common Shares A [member] | ||
Disclosure Of Establishment And Operations [Line Items] | ||
Number of Shares Purchased by PIPE Investors | 12,188,711 | |
Aggregate Purchase Price of Shares | $ 111.5 | |
Major business combination [member] | ||
Disclosure Of Establishment And Operations [Line Items] | ||
Number of shares authorised | 555,000,000 | |
Number of shares outstanding | 118,496,102 | |
Share Price | $ 11.5 | |
Common Stock Conversion Basis | one | |
Major business combination [member] | Earnout RSU [Member] | ||
Disclosure Of Establishment And Operations [Line Items] | ||
Number of share options outstanding | 1,509.96 | |
Major business combination [member] | Public Warrants [Member] | ||
Disclosure Of Establishment And Operations [Line Items] | ||
Class of warrants issued during the period | 11,500,000 | |
Major business combination [member] | Private Warrants [Member] | ||
Disclosure Of Establishment And Operations [Line Items] | ||
Class of warrants issued during the period | 5,933,333 | |
Major business combination [member] | Preference shares [member] | ||
Disclosure Of Establishment And Operations [Line Items] | ||
Number of shares authorised | 500,000,000 | |
Major business combination [member] | Class A Ordinary Shares [Member] | ||
Disclosure Of Establishment And Operations [Line Items] | ||
Number of shares authorised | 55,000,000 | |
Par value per share | $ 0.0001 | |
Major business combination [member] | Swvls Common Shares [Member] | ||
Disclosure Of Establishment And Operations [Line Items] | ||
Par value per share | $ 0.0001 | |
Number of shares issued | 1,510 |
Basis of preparation - Schedule
Basis of preparation - Schedule of the price index identification and movement (Detail) | 6 Months Ended |
Jun. 30, 2022 | |
ARGENTINA | |
Disclosure Of Hyperinflationary Reporting [Line Items] | |
Price index level at 1 Jan 2022 | 0.0605 |
Price index level at 30 June 2022 | 0.07983 |
Change in index | 0.01933 |
TURKEY | |
Disclosure Of Hyperinflationary Reporting [Line Items] | |
Price index level at 1 Jan 2022 | 0.07632 |
Price index level at 30 June 2022 | 0.09779 |
Change in index | 0.02147 |
Basis of preparation - Addition
Basis of preparation - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Disclosure Of Summary Of Significant Accounting Policies [line Items] | ||||
Loss for the period | $ 161,619,569 | $ 80,687,401 | ||
Accumulated Deficit | (375,804,634) | $ (216,066,255) | ||
Net Cash Flows Used in Operating Activities | 76,830,327 | 20,197,682 | ||
Proceeds from Reverse Recapitalization Transaction | $ 53,300,000 | |||
Proceeds from Sale of Shares to PIPE Investors | $ 111,500,000 | |||
Gains (losses) on net monetary position | 2,637,888 | $ 0 | ||
Proeed From the issue of Private placement | 20,000,000 | |||
Working Capital | $ 22,366,922 | $ 110,370,480 |
Critical accounting judgments_2
Critical accounting judgments and estimates - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Text Block [Abstract] | ||
Capitalised Developmen Costs | $ 1.7 | $ 0 |
Property and equipment - Summar
Property and equipment - Summary of Property, Equipment and Depreciation is allocated (Detail) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | $ 1,747,417 | $ 648,704 |
Furniture, fittings and equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 903,996 | 483,547 |
Leasehold improvements [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 332,067 | 165,157 |
Construction work-in-progress [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | $ 511,354 | $ 0 |
Property and equipment - Additi
Property and equipment - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Text Block [Abstract] | ||
Depreciation on property and equipment | $ 365,340 | $ 38,912 |
Intangible assets - Summary of
Intangible assets - Summary of Intangible Assets (Detail) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill | $ 10,470,998 | $ 988,406 |
Trade name [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill | 900,968 | 10,000 |
Customer list (B2B relationships) [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill | 4,297,384 | 50,000 |
Developed technology [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill | $ 5,272,646 | $ 928,406 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Text Block [Abstract] | ||
Amortisation, intangible assets other than goodwill | $ 676,750 | $ 0 |
Intangible Assets - Summary o_2
Intangible Assets - Summary of the Estimated Useful Lives of the Assets (Detail) | 6 Months Ended |
Jun. 30, 2022 | |
Trade name [Member] | |
Disclosure Of Estimated Useful lives Of Intangible Assets [Line Items] | |
Useful life measured as period of time, intangible assets other than goodwill | 2 years |
Customer list (B2B relationships) [Member] | Bottom of range [member] | |
Disclosure Of Estimated Useful lives Of Intangible Assets [Line Items] | |
Useful life measured as period of time, intangible assets other than goodwill | 8 years |
Customer list (B2B relationships) [Member] | Top of range [member] | |
Disclosure Of Estimated Useful lives Of Intangible Assets [Line Items] | |
Useful life measured as period of time, intangible assets other than goodwill | 11 years |
Developed technology [Member] | |
Disclosure Of Estimated Useful lives Of Intangible Assets [Line Items] | |
Useful life measured as period of time, intangible assets other than goodwill | 5 years |
Business Combination and Good_3
Business Combination and Goodwill -Summary of Purchase Consideration (Detail) - USD ($) | Jun. 03, 2022 | May 25, 2022 | Jan. 14, 2022 | Jun. 30, 2022 |
Viapool [Member] | ||||
Assets | ||||
Intangible Assets | $ 5,530,000 | |||
Property and Equipment | 45,170 | |||
Trade and other receivables | 907,040 | |||
Cash and cash equivalents | 332,005 | |||
Right of use asset | 34,524 | |||
Total Assets | 6,848,739 | |||
Liabilities | ||||
Interest-bearing loans | 16,697 | |||
Trade and other payables | 1,004,118 | |||
Lease liabilities | 44,554 | |||
Total Liabilities | 1,065,369 | |||
Total identifiable net assets at fair value | 5,783,370 | |||
Non-controlling interest measured at fair value | (2,833,851) | |||
Goodwill arising on acquisition | 1,450,481 | |||
Fair value of purchase consideration | 4,400,000 | |||
Net cash acquired with the subsidiary | (332,005) | |||
Cash consideration paid | 1,000,000 | |||
Purchase consideration transferred | $ 667,995 | |||
Volt Lines [Member] | ||||
Assets | ||||
Intangible Assets | $ 2,170,000 | |||
Property and Equipment | 178,561 | |||
Trade and other receivables | 570,966 | |||
Cash and cash equivalents | 142,918 | |||
Right of use asset | 173,389 | |||
Total Assets | 3,235,834 | |||
Liabilities | ||||
Interest-bearing loans | 96,796 | |||
Trade and other payables | 489,979 | |||
Lease liabilities | 188,010 | |||
Convertible loan | 241,506 | |||
Total Liabilities | 1,016,291 | |||
Total identifiable net assets at fair value | 2,219,543 | |||
Goodwill arising on acquisition | 10,980,457 | |||
Fair value of purchase consideration | 13,200,000 | $ 6,500,000 | ||
Net cash acquired with the subsidiary | (142,918) | |||
Cash consideration paid | 0 | |||
Purchase consideration transferred | $ (142,918) | |||
Door2Door [Member] | ||||
Assets | ||||
Intangible Assets | $ 1,160,000 | |||
Property and Equipment | 48,730 | |||
Trade and other receivables | 250,495 | |||
Cash and cash equivalents | 136,626 | |||
Right of use asset | 599,087 | |||
Total Assets | 2,194,938 | |||
Liabilities | ||||
Interest-bearing loans | 1,320,773 | |||
Trade and other payables | 1,640,583 | |||
Lease liabilities | 677,866 | |||
Total Liabilities | 3,639,222 | |||
Total identifiable net assets at fair value | (1,444,284) | |||
Goodwill arising on acquisition | 4,059,284 | |||
Fair value of purchase consideration | 2,615,000 | |||
Net cash acquired with the subsidiary | (136,626) | |||
Cash consideration paid | 1,074,842 | |||
Purchase consideration transferred | $ 938,216 |
Business Combination and Good_4
Business Combination and Goodwill - Additional Information (Detail) | 6 Months Ended | ||||
Jun. 30, 2022 USD ($) shares | Jun. 03, 2022 USD ($) | May 25, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jan. 14, 2022 USD ($) | |
Viapool [Member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of voting equity interests acquired | 51% | ||||
Fair value of purchase consideration | $ 4,400,000 | ||||
Cash transferred | $ 1,000,000 | ||||
Liabilities incurred | $ 2,400,000 | ||||
Equity interests of acquirer | 500,000 | ||||
Profit (loss) of acquire since acquisition date | 3,133,340 | ||||
Viapool [Member] | Major business combination [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Liabilities incurred | 500,000 | ||||
Volt Lines [Member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of voting equity interests acquired | 100% | ||||
Fair value of purchase consideration | 6,500,000 | $ 13,200,000 | |||
Liabilities incurred | 5,000,000 | ||||
Profit (loss) of acquire since acquisition date | $ 408,230 | ||||
Number of instruments or interests issued or issuable | shares | 1,800,000 | ||||
Contingent consideration recognised as of acquisition date | $ 1,700,000 | ||||
Gain (loss) recognised as result of remeasuring to fair value equity interest in acquiree held by acquirer before business combination | $ 2,676,834 | ||||
Volt Lines [Member] | Major business combination [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Number of instruments or interests issued or issuable | shares | 1,400,000 | ||||
Door2Door [Member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of voting equity interests acquired | 100% | ||||
Fair value of purchase consideration | $ 2,615,000 | ||||
Cash transferred | $ 1,540,000 | ||||
Acquisition cost | 200,000 | ||||
Door2Door [Member] | Major business combination [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Cash transferred | $ 870,000 |
Business combination and good_5
Business combination and goodwill - Summary of Group's Total Goodwill (Detail) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill | $ 20,760,727 | $ 4,418,226 |
Viapool [Member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill | 1,450,481 | 0 |
Voltlines [Member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill | 10,980,457 | 0 |
Door2Door [Member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill | 4,059,284 | 0 |
Shotl [Member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Goodwill | $ 4,270,505 | $ 4,418,226 |
Trade And Other Receivables - S
Trade And Other Receivables - Summary Of Trade And Other Receivables (Detail) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Trade and other receivables [abstract] | |||
Trade receivables | $ 11,519,038 | $ 4,223,645 | |
Customer wallet receivables | 1,742,649 | 1,329,364 | |
Accrued income | 4,372,354 | 3,038,259 | |
Less: provision for expected credit losses | (4,598,163) | (2,403,782) | $ (1,076,678) |
Total | 13,035,878 | 6,187,486 | |
Tax Receivables | 860,823 | 0 | |
Other receivables | 381,475 | 415,754 | |
Total | $ 14,278,176 | $ 6,603,240 |
Trade And Other Receivables -_2
Trade And Other Receivables - Summary Of Provision For Expected Credit Losses For Receivables (Detail) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Provision For Expected Credit Losses For Receivables [line items] | |||
Provision for expected credit losses | $ 4,598,163 | $ 2,403,782 | $ 1,076,678 |
Provision for expected credit losses for trade receivables | |||
Disclosure Of Provision For Expected Credit Losses For Receivables [line items] | |||
Provision for expected credit losses | 3,628,323 | 1,857,436 | |
Provision for expected credit losses for customer wallet receivables | |||
Disclosure Of Provision For Expected Credit Losses For Receivables [line items] | |||
Provision for expected credit losses | $ 969,840 | $ 546,346 |
Trade And Other Receivables -_3
Trade And Other Receivables - Summary Of Provision For Expected Credit Losses (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Provision For Expected Credit Losses [Abstract] | |||
Beginning balance | $ 2,403,782 | $ 1,076,678 | $ 1,076,678 |
Provision for expected credit losses | 2,194,381 | $ 426,549 | 1,327,104 |
Ending balance | $ 4,598,163 | $ 2,403,782 |
Trade And Other Receivables - A
Trade And Other Receivables - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2022 | |
Trade and other receivables [abstract] | |
Trade Receivables Term | 60 days |
Cash And bank balances - Summar
Cash And bank balances - Summary Of Cash And Cash Equivalents (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Cash and cash equivalents [abstract] | ||||
Cash in hand | $ 21,452 | $ 3,410 | ||
Cash at banks | 19,293,456 | 9,534,704 | ||
Bank overdraft | (10,528) | (8,391) | ||
Cash and cash equivalents | $ 19,304,380 | $ 9,529,723 | $ 17,763,851 | $ 10,348,732 |
Share capital - Additional Info
Share capital - Additional Information (Detail) - $ / shares | Jun. 30, 2022 | Mar. 31, 2022 |
Disclosure Of Class Of Share Capital Subscribed And Paid Up Capital [Line Items] | ||
Number Of Shares Authorized Share Capital | 555,000,000 | 555,000,000 |
Authorised shares par value | $ 0.0001 | |
Class A Ordinary Shares [Member] | ||
Disclosure Of Class Of Share Capital Subscribed And Paid Up Capital [Line Items] | ||
Number Of Shares Authorized Share Capital | 500,000,000 | |
Authorised shares par value | $ 0.0001 | |
Preference shares [member] | ||
Disclosure Of Class Of Share Capital Subscribed And Paid Up Capital [Line Items] | ||
Number Of Shares Authorized Share Capital | 55,000,000 | 55,000,000 |
Authorised shares par value | $ 0.0001 |
Share Capital - Summary of Shar
Share Capital - Summary of Share Capital (Detail) - USD ($) | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Disclosure of classes of share capital [line items] | |||
Number of shares authorised | 555,000,000 | 555,000,000 | |
Number of shares outstanding | 118,883,072 | ||
Issued capital | $ 11,889 | $ 8,529 | |
Preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares authorised | 55,000,000 | 55,000,000 | |
Number of shares outstanding | 0 | ||
ClassA Ordinary Shares [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares authorised | 500,000,000 | ||
Number of shares outstanding | 118,883,072 | ||
Swvl Inc. shareholders [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding | 84,455,247 | ||
Issued capital | $ 8,446 | ||
SPAC shareholders [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding | 13,949,000 | ||
Issued capital | $ 1,395 | ||
Convertible Notes [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding | 16,125,455 | ||
Issued capital | $ 1,612 | ||
PIPE investors [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding | 3,966,400 | ||
Issued capital | $ 397 | ||
Other shares [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding | 386,970 | ||
Issued capital | $ 39 |
Share Capital - Summary of Sh_2
Share Capital - Summary of Share Premium (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Disclosure Of Classes Of Share premium [Line Items] | ||
Share premium | $ 314,218,626 | $ 88,873,188 |
Costs attributable to the issuance of shares in connection with the business combination | (59,332,184) | |
Cost of Shares Earnouts | (75,550,455) | |
Swvl Inc. shareholders [Member] | ||
Disclosure Of Classes Of Share premium [Line Items] | ||
Share premium | 88,873,188 | |
SPAC shareholders [Member] | ||
Disclosure Of Classes Of Share premium [Line Items] | ||
Share premium | 32,332,406 | |
Convertible Notes [Member] | ||
Disclosure Of Classes Of Share premium [Line Items] | ||
Share premium | 145,952,505 | |
PIPE investors [Member] | ||
Disclosure Of Classes Of Share premium [Line Items] | ||
Share premium | 39,663,603 | |
Recapitalization costs [Member] | ||
Disclosure Of Classes Of Share premium [Line Items] | ||
Share premium | 139,609,424 | |
Other shares [Member] | ||
Disclosure Of Classes Of Share premium [Line Items] | ||
Share premium | 2,670,139 | |
Total share premuim [Member] | ||
Disclosure Of Classes Of Share premium [Line Items] | ||
Share premium | $ 449,101,265 |
Employee Share Scheme Reserve -
Employee Share Scheme Reserve - Additional Information (Detail) - USD ($) | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting requirements for sharebased payment arrangement | where 25% of the options vest annually from the issue date | ||
Share options granted, term of options description | exercisable up to 10 years from the issue date | ||
Expense from sharebased payment transactions with employees | $ 257,093 | $ 22,298,052 | |
Employee share scheme reserve | $ 37,186,616 | $ 36,929,523 |
Employee Share Scheme Reserve_2
Employee Share Scheme Reserve - Summary of Exercise Price of the Options (Detail) - Share Option [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Balance Beginning Average exercise price per share Option | $ / shares | $ 1.23 | $ 2.303 |
Issued during the year Average exercise price per share Option | $ / shares | 0.187 | 1.7 |
Forfeited during the year Average exercise price per share Option | $ / shares | 1.056 | 2.008 |
Balance Ending Average exercise price per share Option | $ / shares | 1.595 | 1.609 |
Vested and exercisable Average exercise price per share Option | $ / shares | $ 1.305 | $ 1.23 |
Balance Beginning Number of options | shares | 8,514,500 | 4,466,470 |
Issued during the year Number of options | shares | 140,422 | 5,849,416 |
Forfeited during the year Number of options | shares | (262,733) | (1,801,386) |
Balance Ending Number of options | shares | 8,392,189 | 8,514,500 |
Vested and exercisable Number of options | shares | 4,556,278 | 3,575,348 |
Earnouts liabilities - Summary
Earnouts liabilities - Summary of Earnouts Liabilities (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Disclosure Of Detailed Information About Reconciliation Of Changes In Fair Value Measurement Earnouts Liabilities [Line Items] | ||
Opening balance | $ 149,076,985 | |
Ending balance | 119,910,807 | $ 149,076,985 |
Earnouts liabilities | ||
Disclosure Of Detailed Information About Reconciliation Of Changes In Fair Value Measurement Earnouts Liabilities [Line Items] | ||
Opening balance | 0 | 0 |
Recognized pursuant to the reverse acquisition transaction | 75,550,455 | 0 |
Change in fair value during the period/year | (37,982,291) | 0 |
Ending balance | $ 37,568,164 | $ 0 |
Earnouts liabilities - Addition
Earnouts liabilities - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure Of Earnouts Liabilities [Line Items] | ||
Employee share scheme charge | $ 257,093 | $ 22,298,052 |
Earnout Shares [Member] | ||
Disclosure Of Earnouts Liabilities [Line Items] | ||
Number of trading days for determining share price | 20 days | |
Number of consecutive trading days for determining share price | 30 days | |
Common Shares A [member] | Earnout Shares [Member] | ||
Disclosure Of Earnouts Liabilities [Line Items] | ||
Employee share scheme charge | $ 15,000,000 | |
Common Shares A [member] | Earnout Shares [Member] | Sharebased Payment Arrangement, Tranches [Member] | ||
Disclosure Of Earnouts Liabilities [Line Items] | ||
Employee share scheme charge | $ 5,000,000 | |
Common Shares A [member] | Earnout Shares [Member] | Bottom of range [member] | ||
Disclosure Of Earnouts Liabilities [Line Items] | ||
Weighted average closing sale price | $ 12.5 | |
Common Shares A [member] | Earnout Shares [Member] | Weighted average [member] | ||
Disclosure Of Earnouts Liabilities [Line Items] | ||
Weighted average closing sale price | 15 | |
Common Shares A [member] | Earnout Shares [Member] | Top of range [member] | ||
Disclosure Of Earnouts Liabilities [Line Items] | ||
Weighted average closing sale price | $ 17.5 |
Derivative Warrant Liabilitie_2
Derivative Warrant Liabilities - Summary of Derivative Warrant Liabilities (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Disclosure Of Detailed Information About Reconciliation Of Changes In Fair Value Measurement Derivative Warrant Liabilities [Line Items] | ||
Opening balance | $ 149,076,985 | |
Ending balance | 119,910,807 | $ 149,076,985 |
Derivative Warrant Liabilities [Member] | ||
Disclosure Of Detailed Information About Reconciliation Of Changes In Fair Value Measurement Derivative Warrant Liabilities [Line Items] | ||
Opening balance | 0 | 0 |
Recognized pursuant to the reverse acquisition transaction | 35,487,284 | 0 |
Change in fair value during the period/year | (24,342,284) | 0 |
Ending balance | $ 11,145,000 | $ 0 |
Derivative Warrant Liabilitie_3
Derivative Warrant Liabilities - Additional Information (Detail) | Mar. 31, 2022 $ / shares shares |
Disclosure of Derivative Warrant Liabilities [Line Items] | |
Class of warrants issued during the period | shares | 17,433,333 |
Public and Private Warrants | |
Disclosure of Derivative Warrant Liabilities [Line Items] | |
Class of warrants issued during the period | shares | 17,433,333 |
Share price | $ / shares | $ 11.5 |
Common stock conversion basis | one |
Public Warrants | |
Disclosure of Derivative Warrant Liabilities [Line Items] | |
Class of warrants issued during the period | shares | 11,500,000 |
Public Warrants | Share price exceeds eighteen dollars | |
Disclosure of Derivative Warrant Liabilities [Line Items] | |
Share price | $ / shares | $ 18 |
Class of warrants expiry period | 5 years |
Class of warrants exercise price | $ / shares | $ 0.01 |
Private Warrants | |
Disclosure of Derivative Warrant Liabilities [Line Items] | |
Class of warrants issued during the period | shares | 5,933,333 |
Lock in period of warrants | 30 days |
Accounts Payable, Accruals an_3
Accounts Payable, Accruals and Other Payables - Summary of Accounts Payables (Detail) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Financial Items [Abstract] | ||
Accounts payables | $ 14,543,369 | $ 5,176,759 |
Accrued expenses | 22,076,515 | 9,008,969 |
Deferred purchase price | 18,283,552 | 3,618,902 |
Captain payables | 2,001,949 | 1,249,948 |
Advances from customers | 281,877 | 52,307 |
Other payables | 2,945,913 | 560,857 |
Accounts payable accruals and other payables current one financial items | 60,133,175 | 19,667,742 |
NonFinancial Items [Abstract] | ||
Advances from individual customers (e-wallets) | 2,988,962 | 3,938,712 |
Total accounts payable, accruals and other payables | $ 63,122,137 | $ 23,606,454 |
Portfolio optimization program
Portfolio optimization program - Additional Information (Detail) - Portfolio Optimization Plan [Member] - USD ($) $ in Thousands | 6 Months Ended | |
May 30, 2022 | Jun. 30, 2022 | |
Disclosure Of Portfolio Optimization Program [Line Items] | ||
Percentage of headcount reduction | 32% | |
Severances and gratuity payments to employees | $ 6,540 | |
Severances and gratuity amount payable to employees | $ 200 |
Revenue - Summary of Revenue fr
Revenue - Summary of Revenue from Contracts with Customers and Geographical Location (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Disaggregation of revenue from contracts with customers | $ 40,740,083 | $ 12,916,256 |
Revenue | 40,740,083 | 12,916,256 |
Egypt | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | 19,085,808 | 9,752,605 |
Pakistan | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | 9,716,638 | 2,407,326 |
Kenya | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | 2,091,455 | 351,229 |
Kingdom of Saudi Arabia | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | 2,005,566 | 24,826 |
Jordan | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | 1,651,022 | 85,745 |
Argentina | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | 4,381,631 | 0 |
Turkey | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | 743,030 | 0 |
Others | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | 1,064,933 | 294,525 |
Business to customers – B2C | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Disaggregation of revenue from contracts with customers | 15,355,066 | 5,092,454 |
Business to business – SaaS | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Disaggregation of revenue from contracts with customers | 483,233 | 0 |
Business to business – TaaS | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Disaggregation of revenue from contracts with customers | $ 24,901,784 | $ 7,823,802 |
Staff costs - Summary of Staff
Staff costs - Summary of Staff Costs (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Classes of employee benefits expense [abstract] | ||
Salaries and other benefits | $ 17,907,575 | $ 7,457,427 |
Severance payments | 6,541,000 | 0 |
Share-based payments charges | 257,093 | 22,298,052 |
(Reversal of)/Employee end of service benefits | (116,959) | 193,400 |
General and administrative expenses | 21,600,547 | 28,177,432 |
Selling and marketing expenses | 2,988,162 | 1,771,447 |
Staff costs | $ 24,588,709 | $ 29,948,879 |
Taxes - Schedule of Components
Taxes - Schedule of Components of Provision for Income Taxes (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Major components of tax expense (income) [abstract] | ||
Income tax benefit | $ 672,857 | $ 1,693,740 |
Corporate tax expense | (49,092) | |
Tax | $ 623,765 | $ 1,693,740 |
Taxes - Schedule of Movement of
Taxes - Schedule of Movement of Deferred Tax Assets (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [abstract] | ||
Opening balance | $ 14,631,743 | $ 9,913,707 |
Deferred tax credits during the period/year | 672,857 | 4,718,036 |
Closing balance | $ 15,304,600 | $ 14,631,743 |
Net Loss per share - Summary of
Net Loss per share - Summary of Computation of Loss Per Share (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings per share [line items] | ||
Net loss attributable to ordinary shareholders | $ (161,619,569) | $ (80,687,401) |
Weighted Average Shares Outstanding - Basic | 106,253,308 | 85,288,745 |
Weighted Average Shares Outstanding - Diluted | 106,253,308 | 85,288,745 |
Net loss per ordinary share – basic | $ (1.52) | $ (0.95) |
Net loss per ordinary share – diluted | $ (1.52) | $ (0.95) |
Net Loss per share - Additional
Net Loss per share - Additional Information (Detail) $ in Millions | Jun. 30, 2022 USD ($) |
Earnings per share [abstract] | |
Earnout Shares Outstanding | $ 15 |
Related party transactions an_3
Related party transactions and balances - Schedule of Key management personnel of the Group comprise the directors (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure Of Information About Key Management Personnel [Abstract] | ||
Short-term employee benefits | $ 1,045,722 | $ 370,016 |
Provision for end of service benefits | 12,315,458 | 65,679 |
Share-based payments | 40,717 | 9,751,149 |
Key management personnel compensation | $ 13,401,897 | $ 10,186,844 |
No. of key management | 7 days | 7 days |
Related party transactions an_4
Related party transactions and balances - Schedule of Transactions with related parties (Detail) | 6 Months Ended |
Jun. 30, 2021 USD ($) | |
Disclosure of transactions between related parties [abstract] | |
(Repayment)/advances to shareholders | $ (10,044) |
Related party transactions an_5
Related party transactions and balances - Schedule of Short-term loans to related parties (Detail) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of transactions between related parties [line items] | ||
Amounts payable, related party transactions | $ 443,698 | $ 478,764 |
Shotl Transportation [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Amounts payable, related party transactions | 365,804 | 394,725 |
Shotl Transportation [Member] | Routebox Technologies SL [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Amounts payable, related party transactions | 77,894 | 84,039 |
Shotl Transportation [Member] | Camina Lab SL [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Amounts payable, related party transactions | 299,653 | 323,338 |
Shotl Transportation [Member] | Marfina SL [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Amounts payable, related party transactions | $ 66,151 | $ 71,387 |
Recapitalization Costs -display
Recapitalization Costs -displays the calculation of the listing costs recognized during the period (Details) | 6 Months Ended |
Jun. 30, 2022 USD ($) $ / shares shares | |
Disclosure In Tabular Form Of Recapitalization Costs [Line Items] | |
Net deficit from SPAC transferred to the Group | $ | $ 18,532,095 |
Balance Ending Number of shares | 118,883,072 |
SPAC Class B Sponsor Shares | 118,883,072 |
Total shares issued to SPAC | 118,883,072 |
Total value transferred to the SPAC | $ | $ 121,077,329 |
Recapitalization costs. | $ | $ 139,609,424 |
Special Purpose Acquisiton Shares [Member] | |
Disclosure In Tabular Form Of Recapitalization Costs [Line Items] | |
Balance Beginning Number of shares | 34,500,000 |
SPAC ordinary shares redeemed | (29,175,999) |
Balance Ending Number of shares | 13,949,001 |
SPAC Class B Sponsor Shares | 13,949,001 |
Total shares issued to SPAC | 13,949,001 |
Diluted share price at Closing Date | $ / shares | $ 8.68 |
Special Purpose Acquisiton Shares [Member] | Common Shares A [Member] | |
Disclosure In Tabular Form Of Recapitalization Costs [Line Items] | |
Balance Ending Number of shares | 5,324,001 |
SPAC Class B Sponsor Shares | 5,324,001 |
Total shares issued to SPAC | 5,324,001 |
Special Purpose Acquisiton Shares [Member] | Common Shares B [Member] | |
Disclosure In Tabular Form Of Recapitalization Costs [Line Items] | |
Balance Ending Number of shares | 8,625,000 |
SPAC Class B Sponsor Shares | 8,625,000 |
Total shares issued to SPAC | 8,625,000 |
Fair Value Of Financial Instr_3
Fair Value Of Financial Instruments - Summary of Disclosure of Hierarchy Levels of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure in Tabular Form of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Current financial assets | $ 5,000,000 | $ 10,000,880 |
Recurring fair value measurement [member] | ||
Disclosure in Tabular Form of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Current financial assets | 5,000,000 | 10,000,880 |
Total financial assets | 5,000,000 | 10,000,880 |
Financial liabilities, at fair value | 50,909,164 | 44,330,400 |
Recurring fair value measurement [member] | Contingent consideration [member] | ||
Disclosure in Tabular Form of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Financial liabilities, at fair value | 2,196,000 | |
Recurring fair value measurement [member] | Earnout Liabilities [Member] | ||
Disclosure in Tabular Form of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Financial liabilities, at fair value | 37,568,164 | |
Recurring fair value measurement [member] | Derivative Warrant Liabilities [Member] | ||
Disclosure in Tabular Form of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Financial liabilities, at fair value | 11,145,000 | |
Recurring fair value measurement [member] | Derivatives [member] | ||
Disclosure in Tabular Form of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Financial liabilities, at fair value | 44,330,400 | |
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | ||
Disclosure in Tabular Form of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Current financial assets | 0 | 0 |
Total financial assets | 0 | 0 |
Financial liabilities, at fair value | 0 | 0 |
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Contingent consideration [member] | ||
Disclosure in Tabular Form of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Financial liabilities, at fair value | 0 | |
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Earnout Liabilities [Member] | ||
Disclosure in Tabular Form of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Financial liabilities, at fair value | 0 | |
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Derivative Warrant Liabilities [Member] | ||
Disclosure in Tabular Form of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Financial liabilities, at fair value | 0 | |
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Derivatives [member] | ||
Disclosure in Tabular Form of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Financial liabilities, at fair value | 0 | |
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | ||
Disclosure in Tabular Form of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Current financial assets | 0 | 0 |
Total financial assets | 0 | 0 |
Financial liabilities, at fair value | 0 | 0 |
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Contingent consideration [member] | ||
Disclosure in Tabular Form of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Financial liabilities, at fair value | 0 | |
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Earnout Liabilities [Member] | ||
Disclosure in Tabular Form of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Financial liabilities, at fair value | 0 | |
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Derivative Warrant Liabilities [Member] | ||
Disclosure in Tabular Form of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Financial liabilities, at fair value | 0 | |
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Derivatives [member] | ||
Disclosure in Tabular Form of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Financial liabilities, at fair value | 0 | |
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | ||
Disclosure in Tabular Form of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Current financial assets | 5,000,000 | 10,000,880 |
Total financial assets | 5,000,000 | 10,000,880 |
Financial liabilities, at fair value | 50,909,164 | 44,330,400 |
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Contingent consideration [member] | ||
Disclosure in Tabular Form of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Financial liabilities, at fair value | 2,196,000 | |
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Earnout Liabilities [Member] | ||
Disclosure in Tabular Form of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Financial liabilities, at fair value | 37,568,164 | |
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Derivative Warrant Liabilities [Member] | ||
Disclosure in Tabular Form of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Financial liabilities, at fair value | $ 11,145,000 | |
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Derivatives [member] | ||
Disclosure in Tabular Form of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Financial liabilities, at fair value | $ 44,330,400 |
Fair Value Of Financial Instr_4
Fair Value Of Financial Instruments - Summary of Disclosure of Significant Unobservable Inputs Used in the Fair Value Measurements (Detail) | Jun. 30, 2022 d |
Equity Volatility | Earnouts liabilities [Member] | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Significant unobservable input, liabilities | 55 |
Cost of Equity [Member] | Earnouts liabilities [Member] | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Significant unobservable input, liabilities | 18 |
Probability of Vesting [Member] | Bottom of range [member] | Earnouts liabilities [Member] | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Significant unobservable input, liabilities | 35.7 |
Probability of Vesting [Member] | Top of range [member] | Earnouts liabilities [Member] | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Significant unobservable input, liabilities | 52 |
Risk-free rate | Earnouts liabilities [Member] | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Significant unobservable input, liabilities | 3.38 |
Risk-free rate | Derivative Warrant Liabilities [Member] | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Significant unobservable input, liabilities | 2.99 |
Volatility [Member] | Bottom of range [member] | Derivative Warrant Liabilities [Member] | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Significant unobservable input, liabilities | 21.6 |
Volatility [Member] | Top of range [member] | Derivative Warrant Liabilities [Member] | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Significant unobservable input, liabilities | 37.8 |
Discount rate | Contingent consideration [member] | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Significant unobservable input, liabilities | 9.3 |
Discount for lack of marketability | Bottom of range [member] | Contingent consideration [member] | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Significant unobservable input, liabilities | 60 |
Discount for lack of marketability | Top of range [member] | Contingent consideration [member] | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Significant unobservable input, liabilities | 70 |
Subsequent events - Additional
Subsequent events - Additional Information (Detail) $ in Millions | 12 Months Ended | |||||
Aug. 09, 2022 USD ($) shares | Jul. 10, 2022 shares | Jun. 30, 2022 USD ($) shares | Jul. 11, 2022 shares | Jul. 08, 2022 shares | Mar. 31, 2022 shares | |
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Shares outstanding | 118,883,072 | |||||
Convertible Notes [Member] | Zeelo Limited [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Impairment of investments | $ | $ 10 | |||||
Major business combination [member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Shares outstanding | 118,496,102 | |||||
Major business combination [member] | Class A Ordinary Shares [Member] | Urban Mobility [Member] | Achievement Of Revenue Based Milestone [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Business combination contingent consideration payable in shares shares | 750,000 | |||||
Major business combination [member] | Class A Ordinary Shares [Member] | Urban Mobility [Member] | Within Six Months From The Closing Date Of Agreement [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Number of instruments or interests issued or issuable | 2,931,639 | |||||
Multiple in number of shares considered to ascertain cash consideration payable | 30,740 | |||||
Major business combination [member] | Class A Ordinary Shares [Member] | Urban Mobility [Member] | Within Ten Months From The Closing Date Of The Agreement [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Number of instruments or interests issued or issuable | 2,899,999 | |||||
Multiple in number of shares considered to ascertain cash consideration payable | 30,407 | |||||
Major business combination [member] | Class A Ordinary Shares [Member] | Urban Mobility [Member] | Within Twelve Month From The Closing Date Of The Agreement [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Number of instruments or interests issued or issuable | 2,899,999 | |||||
Multiple in number of shares considered to ascertain cash consideration payable | 30,407 | |||||
Major business combination [member] | Class A Ordinary Shares [Member] | Urban Mobility [Member] | Within Sixteen Month From The Closing Date Of The Agreement [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Number of instruments or interests issued or issuable | 1,399,998 | |||||
Multiple in number of shares considered to ascertain cash consideration payable | 14,677 | |||||
Major business combination [member] | Class A Ordinary Shares [Member] | Urban Mobility [Member] | Within Twenty Four Months From The Cloasing Date Of The Agreement [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Number of instruments or interests issued or issuable | 1,399,998 | |||||
Multiple in number of shares considered to ascertain cash consideration payable | 14,677 | |||||
Voluntary Extension Of Lock In Period [Member] | Bottom of range [member] | Agreement To Lock In Shares For An Extend Period [Member] | Lockup Holders [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Lock in period of shares | 6 months | |||||
Lock in period of shares one | 12 months | |||||
Voluntary Extension Of Lock In Period [Member] | Top of range [member] | Agreement To Lock In Shares For An Extend Period [Member] | Lockup Holders [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Lock in period of shares | 12 months | |||||
Lock in period of shares one | 18 months | |||||
Voluntary Extension Of Lock In Period [Member] | Common Shares A [Member] | Swvls Common Shares [Member] | Agreement To Lock In Shares For An Extend Period [Member] | Lockup Holders [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Shares outstanding | 100,414,134 | |||||
Percentage of shares outstanding | 84% | |||||
Private Placement Agreement [Member] | Private Placement Agreement To Issue Ordinary Shares And Warrants [Member] | Securities Purchase Agreement [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Common Stock Shares Subscribed But Not Issued Value | $ | $ 20 | |||||
Private Placement Agreement [Member] | Private Placement Warrants [Member] | Private Placement Agreement To Issue Ordinary Shares And Warrants [Member] | Securities Purchase Agreement [Member] | Warrants To Purchase Class A Common Shares [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Class of warrants issued during the period | shares | 12,121,214 | |||||
Class of warrants or rights term | 5 years | |||||
Private Placement Agreement [Member] | Private Placement Warrants [Member] | Private Placement Agreement To Issue Ordinary Shares And Warrants [Member] | Securities Purchase Agreement [Member] | Warrants To Purchase Series B Common Shares [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Class of warrants issued during the period | shares | 6,060,607 | |||||
Class of warrants or rights term | 2 years | |||||
Private Placement Agreement [Member] | Common Shares A [Member] | Private Placement Agreement To Issue Ordinary Shares And Warrants [Member] | Securities Purchase Agreement [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Increase decresase in number of ordinary shares issued | 12,121,214 | |||||
Purchase Agreement [Member] | Class A Ordinary Shares [Member] | B Riley Principal Capital LLC [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Common stock shares subscribed but not issued | 102,939,766 |