Uber’s subsidiary in the Middle East, Careem, is in the final stages of negotiations with e&, UAE’s major telecom group, to secure an investment for its Super App.
Careem started looking for investors last year to support its Super App, which offers services other than ride-hailing, such as food delivery, bike rentals, digital payments, and courier services.
As reported by Reuters, the discussions between Careem and e& are at an advanced stage, and an announcement about the deal may be made soon.
The exact amount that Careem intends to raise from e&, and whether additional investors will participate in the deal, remains unclear. However, according to reports, the ride-hailing company has created a separate organization to manage the deal.
Since being acquired by Uber in 2019 for $3.1 billion, Careem has continued to operate under its own brand and app, while expanding its services across the Middle East and Pakistan.
Careem’s CEO, Mudassir Sheikha, has been vocal about his plans to push the Super App strategy to further grow the business. Meanwhile, Uber has shifted its focus in the UAE to ride-hailing after ceasing its Uber Eats operations in 2020.