News Formal

Uber-owned Careem launches spinout with $400 million investment from UAE tech holding company e&

  • 📰 CNBC
  • ⏱ Reading Time:
  • 27 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 72%

United States News News

United States United States Latest News,United States United States Headlines

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Uber’s CEO moonlighted as a driver and it changed the way he operates the companyThrough the effort, the CEO experienced many common Uber driver complaints, including harassment from riders, anxiety over maintaining a high rating, and a frustrating sign-up process.
Source: YahooNews - 🏆 380. / 59 Read more »