e& to Claim $400 Million Majority Stake in Careem's Super App
The investment will help Careem expand its services.
Emirates Telecommunications Group Company will be taking a 50.3% stake in the Super App run by Careem. Uber Technologies' Middle East subsidiary, for the price of $400 million.
Careem's rider-hailing business will remain completely under the ownership of Uber and will be available with other Careem services on the existing app for customers.
The Careem Super App offers various services including food and groceries delivery, a digital wallet and suite of fintech services, micro-mobility, and additional third-party services such as home cleaning. Careem is available in 10 countries across the Middle East, North Africa, and South Asia.
Careem hopes to accelerate the realization of its vision to create the first 'everything app' for customers in the Middle East with the help of this investment.
The manifestation of its vision will include expanding food, grocery, fintech services, and the Careem Plus subscription programme. The expansion will also include adding more partner services to the app.
This investment will benefit both Careem and e& and the completion of the transaction remains subject to regulatory approval and other administrative procedures.