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Daimler Invests in Middle East Ride-Hailing Service
Daimler AG has joined a $150 million funding round by Careem, a Middle Eastern ride-booking service based in Dubai.
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Daimler AG has joined a $150 million funding round by Careem, a Middle Eastern ride-booking service based in Dubai.
The 5-year-old company says the additional capital will enable the service to enter the north African market and expand in Kuwait and Turkey, Reuters reports. Careem currently operates in 12 countries, most of them in the Middle East.
CEO Mudassir Sheikha tells Reuters the new funding raises investment in the company to $500 million. He says Careem aims to hike its number of participating drivers to 1 million in 2018 from 250,000 currently.
Sheikha says the service, which is valued at about $1 billion, has 10 million registered users in more than 80 cities and is expanding at a rate of 20% per month. The enterprise hopes to become profitable in the second half of 2018.
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