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