e& Acquires Majority Stake in Careem’s Super App spinout for $400 Million
- UAE-headquartered communication firm e& (formerly Etisalat) has acquired a 50.03% stake in Careem’s Super App spinout for $400 million.
- Careem’s ride-hailing business will remain fully owned by the US mobility firm Uber and continue to be available with all other Careem services on the existing app for customers.
- The investment is part of e&'s "ambition of scaling up consumer digital offerings and accelerating its transformation to a global technology and investments group".
- Founded in 2012 by Magnus Olsson and Mudassir Sheikha, Careem started as a ride-hailing app and then launched its super app in April 2020, which offers a variety of services on its platform including food and grocery delivery, micro-mobility, a digital wallet and a suite of fintech serv