e& Acquires Majority Stake in Careem’s Super App spinout for $400 Million
By Press Release • 10 April 2023
%2Fuploads%2Fpr%2520articles%2F20230410%2520careem%2Fcover.jpg&w=3840&q=75)
- 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
Content Locked
Login or Register a FREE account to continue browsing our content
%2Fuploads%2Fmena-m%26a%2FMENA-MnA-cover.jpg&w=3840&q=75)
%2Fuploads%2Fvideos%2Fmenapt-top-5%2FMENAPT_funding_Feb2024.jpg&w=3840&q=75)
%2Fuploads%2Fvideos%2Fmenapt-top-5%2FMENAPT_funding_Jan2024.jpg&w=3840&q=75)
%2Fuploads%2Fpr%2520articles%2F2025%2F03%2F10_2paytabs.jpg&w=3840&q=75)
%2Fuploads%2Fpr%2520articles%2F2025%2F03%2F07_1talabat.jpg&w=3840&q=75)
%2Fuploads%2Fpr%2520articles%2F2025%2F03%2F05_2peleenergy.jpg&w=3840&q=75)
%2Fuploads%2Fpr%2520articles%2F2025%2F02%2F27_3dhlajex.jpg&w=3840&q=75)
%2Fuploads%2Fpr%2520articles%2F2025%2F02%2F25_2basatamadfoat.jpg&w=3840&q=75)
%2Fuploads%2Fpr%2520articles%2F2025%2F02%2F24_3seez.png&w=3840&q=75)
%2Fuploads%2Fpr%2520articles%2F2025%2F02%2F20_6EGC.jpg&w=3840&q=75)
%2Fuploads%2Fpr%2520articles%2F2025%2F02%2F18_2dubizzle.jpg&w=3840&q=75)
%2Fuploads%2Fpr%2520articles%2F2025%2F02%2F12_1sallasweply.jpg&w=3840&q=75)
%2Fuploads%2Fpr%2520articles%2F2025%2F02%2F11_7t2-moola.jpg&w=3840&q=75)
%2Fuploads%2Fpr%2520articles%2F2025%2F03%2F07_6cicapital.jpg&w=3840&q=75)
%2Fuploads%2Fpr%2520articles%2F2024%2F12%2F09_1aliph.jpg&w=3840&q=75)
%2Fuploads%2Fpr%2520articles%2F2024%2F11%2F15_3pifstc.jpg&w=3840&q=75)
%2Fuploads%2Fpr%2520articles%2F2024%2F11%2F07_6pifmbc.jpg&w=3840&q=75)
%2Fuploads%2Fpr%2520articles%2F2024%2F10%2F15_6awseand.jpg&w=3840&q=75)
%2Fuploads%2Fpr%2520articles%2F2024%2F09%2F12_2fawry.jpg&w=3840&q=75)
%2Fuploads%2Fpr%2520articles%2F2024%2F08%2F14_5zepto.jpg&w=3840&q=75)
%2Fuploads%2Fpr%2520articles%2F2024%2F08%2F13_3sothebys.jpg&w=3840&q=75)
%2Fuploads%2Fpr%2520articles%2F2024%2F07%2F16_2edulife.jpg&w=3840&q=75)
