Careem which has expanded its unit into some of the new markets this year, which includes the Sudan and has been entered into the food delivery services from the February with its acquisitions of the UAE based startup that is RoundMenu.
The company announced in a report that it had secured $200 Million in the funding round from some of the existing investors which includes the Saudi Arabian billionaire Prince Alwaleed bin Talai’s Kingdom, Japanese ecommerce Rakuteen, AI Tayyar Group, and STV. The company as of now expects to raise more of the funds to the finance expansion plans, with the help of Careem’s Vice President of global Brand Marketing which is starting that this is the first tranche of the Careem’s funding round of the series F.
Dubai based Careem, which is the main regional rival of Uber technologies said that it is expected to raise a total of $500 Million in its latest funding efforts to simply expands that into the mass transportation, payments and deliveries. It was also reported, that Careem was in early talks to raise as much as $500 Million from some of the leading investors back in the month of March 2018.
A source close to the deal told in a report that the latest investment gave the ride-hailing company an estimated valuation of over $2bn. Almost 2 years ago, in December 2016, Careem was estimated to be valued around $1bn, when the company raised $350m from investors including Arzan VC, BECO Capital, Wamda Capital, STV,Lumia Capital, Endure Capital, Abraaj Group and Al Tayyar Group.
Commenting on the $200m fundraise, co-founder and CEO Mudassir Sheikha of Careem said that “Internet-enabled services are having a profound and positive impact on our region, where the consumer internet opportunity is huge and untapped”.
Careem, founded in 2012, says it has 30 million registered users in over 120 cities in the Middle East, North Africa, Turkey, and Pakistan. Hence, Careem competes head-to-head in many major Middle East cities with San Francisco-headquartered Uber, which plans to go public next year and could be valued at $120bn according to a Wall Street Journal report. Due to its previous fundraising efforts, Careem counts German car maker Daimler and China’s largest ride-hailing company DiDi Chuxing as some of its other backers.
You may also like: