Careem Technologies is the super app business spun out from Careem to operate food delivery, bike rentals, financial services, third-party services like cleaning and other verticals in a single platform. The Super App is available in 10 countries and combines Careem’s products such as food delivery, bike rentals and payments. Following the transaction, Careem was split into Careem Rides (focused on core ride-hailing) and Careem Technologies (the Super App); Careem Technologies will have about 1,400 employees and be led by co‑founder and CEO Mudassir Sheikha. Careem Rides will be fully owned by Uber, staffed by roughly 260 people, and led by Ashish Labroo reporting into Uber’s Rides leadership. The company plans to use the $400 million investment to scale the Super App and build category‑leading verticals in its key markets. Careem was founded in 2012 and was acquired by Uber in 2019 for $3.1 billion. Careem is a ride-hailing company founded in 2012 that operates an internet platform for transport and related services across the greater Middle East. The company serves 30 million users and is present in 120+ cities across Morocco, Oman, Pakistan, Palestine, Qatar, Turkey, UAE, Bahrain, Egypt, Iraq, Jordan, KSA, Lebanon, and Kuwait. Co-founded by Mudassir Sheikha and Magnus Olsson and later joined by Abdulla Elyas, Careem has expanded its product set to include mass-transport services and deliveries. In February 2018 the company acquired Dubai-based RoundMenu to expand its delivery services, and in October 2018 it launched a mass transportation service in Egypt. Careem intends to use newly raised funds to accelerate expansion of its internet platform across the region, including growth of mass transportation, deliveries, and payments. Careem operates a ride‑hailing platform across 80 cities in 13 MENA countries, claiming over 12 million registered customers and more than 250,000 drivers. The company started about five years ago and is headquartered in Dubai. Careem has raised just shy of $570 million to date, including a $500 million financing that valued the company at $1.2 billion. Its backers include Daimler, Rakuten and Saudi Telecom Company (STC). Management says partnerships such as the one with Didi Chuxing will bring AI capabilities and expertise to support continued growth, innovation and sustainability. Careem has also made strategic investments itself, for example into Egypt‑based Swvl. Careem operates a ride‑hailing platform across 80 cities in 13 countries in the Middle East, serving about 10 million registered users and roughly 250,000 drivers. Its core product is app‑based ride booking with tailored payments solutions — including a virtual in‑app wallet and local cash-collection networks — to address low card penetration in its markets. The company reports revenues and trip volumes growing 20–25% month on month. Careem has focused on expanding supply in under‑served cities and plans strategic partnerships to access next‑generation vehicle technology rather than develop costly autonomous systems in‑house. The business recently completed a large equity raise that materially increased its valuation to over $1 billion (sources cite ≈$1.2B). Prior to this round Careem had raised about $72 million in earlier funding. Careem is an app-based car service that allows users to order chauffeur-driven cars via mobile apps, the website, or by calling a call center. Founded in 2012 by Magnus Olsson, Mudassir Sheikha and Dr. Abdulla Elyas, the company is based in Dubai, UAE. It operates in 20 cities across the Middle East and North Africa, including Abu Dhabi, Amman, Beirut, Cairo, Casablanca, Karachi, Kuwait and others. Careem secured $60M in a Series C financing led by The Abraaj Group. Participants in the round included Al Tayyar, STC Ventures, Beco Capital, Impulse (a subsidiary of the Kuwait Investment Authority), Lumia Capital and Wamda Capital. The company intends to use the proceeds to accelerate market expansion and drive innovation across its core markets in MENA, Pakistan and the wider region.

Total raised

$812M

Funding rounds

6

Latest round

Equity

Latest activity

Apr 2023