Mubasher TV
Contact Us Advertising   العربية

Dubai's Careem secures $200m funding

Dubai's Careem secures $200m funding
The funding will be used in further expansion into mass transportation, deliveries, and payments

Dubai – Mubasher: Dubai-based ride-hailing app Careem Networks FZ on Thursday revealed it has secured $200 million in new funding from existing investors, including Saudi billionaire Prince Alwaleed bin Talal’s Kingdom Holding.

This round is the first close of a funding round expected to raise over $500 million, and it also includes Saudi Arabia's Al Tayyar Group, STV, and the Japanese e-commerce giant, Rakuten, Careem said in a statement.

The funding will be used in further expansion into mass transportation, deliveries, and payments, according to the statement.

“Internet-enabled services are having a profound and positive impact on our region, where the consumer internet opportunity is huge and untapped,” said co-founder and CEO Mudassir Sheikha.

“As a platform with 30 million users and presence in over 120 cities, Careem is uniquely positioned to tap into this opportunity by expanding into new verticals. We are delighted and grateful that our existing investors are the first to commit additional capital in support of our vision,” he added.

In October, Careem’s co-founder Magnus Olsson stated that the company would remain independent despite interest from Eastern and Western investors such as Uber and Chinese firm Didi Chuxing.

In September, Bloomberg reported that Uber Technologies Inc. was in fresh talks to buy its rival in the MENA region Careem for about $2 billion to $2.5 billion.

In July, Uber initiated preliminary talks with its Dubai-based rival to merge their Middle Eastern ride-hailing services.