Dubai-headquartered transport and mobility solutions provider SWVL, has canceled the proposed acquisition of Zeelo, a UK-based B2B smart buses operator. The deal dates back to April this year and was worth $100 million.

The company said in a statement issued on Friday that the decision came as a response to the current turmoil in the global financial markets. It also added that it previously invested a total of $5,000,000 in the said startup.

Excluding Zeelo, SWVL also acquired five global startups.The latest addition to its buying spree was Mexico-based mass mobility startup Urbvan.

Earlier in May, the Nasdaq-listed company sacked 30 per cent of its employees, as part of its plans to achieve profitability in 2023. A month later, it halted certain services in Kenya and Pakistan as well as suspended a number of routes in its home market of Egypt.