Emirates Telecom to Acquire Majority Stake in Uber’s Careem Super App for USD 400 Million

E& has agreed to invest USD 400 million in Careem’s Super App spinout, becoming the majority shareholder alongside Uber and all three of Careem’s co-founders. The Careem Super App is a multiservice app offering over a dozen services, including food and grocery delivery, micro-mobility, a digital wallet, a suite of fintech services, and additional third-party services such as home cleaning, car rental, and laundry. Careem serves customers in 10 countries across the Middle East, North Africa, and South Asia.

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First ‘Everything App’

According to the statement, This investment will enable Careem to accelerate its vision to create the first “everything app” serving customers across the Middle East. Careem plans to expand its core food, grocery, and fintech services and the Careem Plus subscription program across the region while adding even more partner services to the app.

e& said, “Super Apps have catalyzed the economic, social and cultural growth of emerging markets today. The Careem Super App, is a digital native that has built a rapidly growing payments, food and grocery delivery network, and a platform for other digital businesses to scale from. The shared vision between e& and Careem is exciting, we believe that together we’ll be able to enhance our impact across different markets in the region while pushing the boundaries of customer experience.”

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The deal aligns with e &’s strategy of scaling up consumer digital offerings and transforming into a global technology and investments group. It provides e& with access to multiple digital verticals, new innovative digital services, strong talent, and new geographies.