Dubai-based ride hailing app is reportedly looking at raising up to $200 million from Chinese investors
Dubai-based ride hailing app Careem, Uber’s main Middle East rival, is reportedly looking at raising up to $200 million from Chinese investors.
A source with direct knowledge of the matter told Reuters that Investment bank China International Capital Corporation (CICC) is advising Careem.
Beijing-based CICC and Careem both declined to comment, the newswire added.
In October, Careem secured $200 million from existing investors including Saudi billionaire Prince Alwaleed bin Talal’s Kingdom Holding.
The round was the first close of a new fundraise expected to exceed $500 million.
Careem said it will use the funding to expand into mass transportation, deliveries, and payments.
The company also launched a mass transportation service in Egypt in October, and acquired Dubai food delivery service platform RoundMenu in February.For all the latest transport news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.