 "Uber's rival in the Middle East is now valued at $1 billion")
Dubai-headquartered ride-hailing startup Careem announced today it’s raised $350 million in a series D funding round led by Japanese ecommerce conglomerate Rakuten and Saudi Telecom.
The cash is a part of a larger $500 million round, but Careem gave no word on when it would be completed.
Careem rivals Uber for supremacy in the Middle East, Pakistan, and Turkey, similar to Grab in Southeast Asia. It operates in 47 cities and last raised $60 million in November 2015.
Saudi Telecom – through its venture capital arm STC Ventures – is an existing investor in Careem. Other backers include private equity firm Abraaj Capital and Saudi Arabia’s Al-Tayyar Travel Group.
Data compiled by SimilarWeb in August indicated Careem was more popular than Uber in Saudi Arabia, Pakistan, and the UAE.
This is an excerpt from Tech in Asia. You can read the full article here
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%