Careem Technologies will focus on the growth of the company's 'super app,' which offers dozens of services beyond ride hailing in one app.
DUBAI, United Arab Emirates — Uber-owned ride hailing service Careem announced on Monday a spinout with major backing from a new source, as well as from its parent company.
Careem's ride-hailing business remains fully owned by Uber, which acquired it for $3.1 billion in 2019. Uber's stake in the spinout is currently undisclosed. "e& is investing $400m to become a majority shareholder in Careem's Super App alongside Uber and all three of Careem's co-founders," a statement from e& said. The investment will significantly accelerate Careem's goal to create "the first 'everything app' for customers across the Middle East," the firm wrote.
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UAE's e& takes $400 mln majority stake in ride-hailer Careem's Super AppEmirates Telecommunications Group Company has agreed to take a 50.3% stake in a super app managed by Careem, Uber Technologies' Middle East subsidiary, at a transaction cost of $400 million, e& said in a filing on Monday.
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