DUBAI, Oct, 18 (SEE)- Careem announced on Thursday that it has secured $ 200 million funding from in the first phase of a new financing round that is expected to exceed $ 500 million.
Careem will allocate this funding to expand the range of its services including the improvement of transportation quality.
“Internet-enabled services are having a profound and positive impact on our region, where the consumer internet opportunity is huge and untapped,” Careem co-founder Mudassir Sheikha said.
Saudi billionaire Alwaleed bin Talal, who acquired 7% of the company in 2017, is also behind the current funding along with e-commerce company Rakuten.
Careem has a platform of over 30 million users operating in more than 120 cities.
The Dubai based company has launched a group transport service in Egypt last October.
Careem is planning to invest $150 million in food delivery business following the acquisition of the RoundMenu restaurant.