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.