Careem secures the first close of US$500 million in Series F investment round
Careem, the leading ride-hailing app for the Middle East, has secured the first close of the Series F round of investment. Worth $200 million, the funding round is led by existing investors that include Al Tayyar Group, Kingdom Holding, Rakuten and STV. The complete round is expected to exceed $500 million.
Careem plans on using the investment to accelerate the expansion of its services across the region. The aim is to expand the internet platform to mass transportation, deliveries, and payments. Sharing the announcement of the new investment round, Mudassir Sheikha, CEO and Co-founder of Careem said,
“Internet-enabled services are having a profound and positive impact on our region, where the consumer internet opportunity is huge and untapped. As a platform with 30 million users and presence in 120+ cities, Careem is uniquely positioned to tap into this opportunity by expanding into new verticals. We are delighted and grateful that our existing investors are the first to commit additional capital in support of our vision.”
Since its inception in 2012, Careem has expanded to 120 cities across 15 countries that include Middle East, North Africa, Turkey and Pakistan. Currently, 30 million users are registered on the ride-hailing app. This year, Careem also announced that it had hit a whopping number of one million Careem Captains in the region contributing to employment generation and financial inclusion.
When it comes to Pakistan, Careem continues to strengthen its presence in the ride-hailing market. In 2018, Careem has expanded to three more cities that include Quetta, Bahawalpur, and Sukkur. Branching out its platform, Careem also launched a pilot for delivery service in the country. With this new investment round, it is highly likely that Careem will expand its operations to more cities in Pakistan.