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| 16 May, 2018

Careem to expand in Africa, launch food delivery service in 2018

Careem operates in 14 countries, serving 24 million customers

Image used for illustrative purpose.
Careem ride-hailing app, is checking the appetite of potential investors and hopes to secure its targeted $500mln in a new funding.

Image used for illustrative purpose. Careem ride-hailing app, is checking the appetite of potential investors and hopes to secure its targeted $500mln in a new funding.

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Dubai – Mubasher: Careem, a large ride-sharing company operates mainly in the Middle East and North Africa (MENA), is planning to strengthen its foothold in Egypt, Pakistan, and Saudi Arabia and foray into new markets.

About 250 cities in MENA should have “a service like Careem”, the UAE-based company’s CEO Mudassir Sheikha stated.

Careem is looking forward to operating in 5-10 new cities in Egypt and 25 more cities in Pakistan while having its eyes on Africa, The National revealed, citing the top official as saying.

Founded in 2012, Careem operates in 14 countries, serving 24 million customers, with 800,000 drivers.

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Careem is set to launch a food delivery service in 2018 following the acquisition of RoundMenu, a restaurant reservation platform.

“Expanding its offering beyond rides to tap into the region’s $15bn food delivery business, creating more affordable rides with tuk-tuks and bikes, as well as allowing regional start-ups to use its payment system and geographic reach will be the focus for growth,” Sheikha said.

When asked about the possibility of launching an initial public offering (IPO), the CEO told the Emirati site that this move would be “a natural milestone”, but it is off the table for the time being, as the company is focusing into growth.

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