Signed Sealed Delivered: Careem has Been Sold To Uber For A Mind-Blowing $3.1BILLION
And it’s official.
The takeover that’s been on everyone’s lips for months has finally come through; Uber Technologies has purchased Careem for (drumroll…) a whopping US$3.1BILLION.
UBER Technologies acquired the entire Careem transportation network which has footholds in over 100 cities and 14 countries across the region and beyond.
This has been the largest acquisition of a tech start-up in the region to date
Congratulations Careem! A shining example of a Dubai based company doing incredible things. The app has continued to prosper after a 2018 valuation if US$2 billion.
It’s worth noting, Careem and Uber will continue to operate independently.
Careem confirmed the huge news
“Careem and Uber are joining forces. We have reached an agreement in which Uber will acquire Careem for $3.1 billion.
Careem will become a wholly owned subsidiary of Uber, operating independently with its own brand and services. Careem will retain the name, app, branding and everything you love about us – we’re here for you.
Across our fast growing, young and vibrant region, we are seeing the transformative impact of technology on mobility and improved services. Joining forces with Uber accelerates our collective ability to improve the region’s transportation infrastructure at scale and offer diverse mobility, delivery and payment options.
Uber has achieved great success in the region and shares our ambitions to have a positive impact in the communities we serve. We’re excited about what we can achieve together.
We are still Careem, driven by our purpose – to simplify and improve lives and create an awesome organisation that inspires.”
