Uber-Backed Careem Secures $400 Million Investment From UAE's e&

Dubai-based super app Careem has secured $400 million in new investment from e&, the global technology and investments group. The Uber-backed company says the investment will help it build the preeminent technology platform of the Middle East. 

It operates rider-sharing and food delvietry services, as well as grovery deliveries and bike sharing. 

Careem Rides will operate its ride-hailing service and will continue to be fully owned by Uber. 

Careem Technologies will operate the Super App and will be owned jointly by e& and Uber.

Launched over four decades ago in the UAE as the country’s first telecoms company, e& now operates in 16 countries across Middle East, Asia and Africa.

Mudassir Sheikha, CEO and Co-Founder of Careem, says: "Our new investor and partner, e&, shares our passion for the region, for technology, and is on an ambitious mission of its own to transform from being a Telco to a TechCo. There is almost perfect alignment of vision, large overlap in geographic footprint, and enormous demand synergies in their 162m customer base. It is safe to say that we could not have found a more aligned and resourceful partner than e& to join us on this journey." 

He adds: "With the infusion of new investment and a resourceful new partner, it’s time to increase the intensity of our execution. It’s time to show the region all the amazing products that we have been cooking for them these last few years. It’s time to re-establish ourselves as the most awesome and electric place to work in the region. It’s time to accelerate the realization of our purpose!"

Careem was founded in Dubai nearly 11 years ago.