Careem is aiming to raise up to $200 million from Chinese investors

By Shaoor Munir on
November 22, 2018
  -   Like us now!  

Careem, one of the leading ride-sharing platforms in Pakistan and Middle-east, is looking to raise as much as $200 million from Chinese investors.

According to a report published in Reuters, a source close to the negotiations has confirmed that Careem is in talks with Chinese investors to raise an investment between $100 million and $200 million.

Investment bank China International Capital Corporation (CICC) is currently advising Careem in this matter, but it remains unclear if a deal will be finalized or not. The main hurdle is the lack of familiarity and interest among Chinese investors in funding startups which are operational only in Middle-eastern countries.

Careem had earlier raised $200 million as part of their series F investment round, with expectations of closing the round at $500 million. This investment will help to close the gap with their early estimates about the value of investment round.

This investment and their previous fundraising give Careem a current estimated valuation of more than $2 billion. With plans to expand in more market segments and cities, it is expected that this valuation will go higher in the near future.

Like our stories? Follow our Instagram for pictorial updates.Follow @techjuicepk

Snapdragon 8150 and Helio P80 outclass all other processors in AI benchmark
A new WhatsApp update will change how you see status updates