Uber's rival in the Middle East, Careem, raises $60m in series C financing

The funding will be used to accelerate the firm's operations in Pakistan, Middle East and North Africa, reports Tech in Asia

Online taxi start-ups are hot property these days. There seems to be no limit to the amount of cash investors are willing to pour in to the likes of GrabTaxi, Didi Kuaidi, and Uber. While the majority of activity in this space revolves in markets like China, India, and Southeast Asia, there are other countries whose taxi industries are similarly broken and in need for disruption.

Careem is one such venture predominantly present in the Middle East and parts of Africa. Built in Dubai in 2012 by Mudassir Sheikha, Magnus Olsson, and Abdullah Elyas, the company has since expanded to 20 different cities across the region – from Morocco to Pakistan. It’s been giving international behemoth Uber a tough time, but, in the lack of official data, it’s difficult to tell which player is the dominant one.
 

 

A statement on Careem’s site says the start-up has raised $60 million in a series C financing round with the Abraaj Group as lead investor. Previous investors in Careem include Al Tayyar, Lumia Capital, and STC Ventures. The cash will be used to accelerate operations in key markets of Pakistan, Middle East, and North Africa.
 

The statement says Careem has, on average, grown by 30% month-on-month since the past three years in its “core markets” of Saudi Arabia, UAE, and Egypt. Part of the money will also be invested in new products and services.

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This has been sourced from Tech in Asia. You can access the original article here.