Ride-hailing app Careem has closed the first part of a $500 million funding round with the recently announced backing from investors including Japan's Rakuten Inc and Saudi Telecom Co (STC), it said in a statement on Monday.
Careem's statement followed STC's announcement on Sunday that it had agreed to buy a 10 percent stake in the Dubai-based company for $100 million.
Careem said the first fundraising tranche was worth $350 million and that it was advised by Credit Suisse on the financing.
The cash will be used to help with its expansion plans, the statement from Careem added.
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