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Tue 20 Nov 2018 05:15 PM

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Dubai's Careem said to seek up to $200m funding from China

Dubai-based ride hailing app is reportedly looking at raising up to $200 million from Chinese investors

Dubai's Careem said to seek up to $200m funding from China
In October, Careem secured $200 million from existing 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.

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