Uber is buying Careem, the biggest ride-hailing app in the Middle East.
It's paying $3.1 billion for Careem in a mixture of cash and convertible notes, the companies said in a statement Tuesday.Careem, based in Dubai, was founded in 2012 and has since become the regional market leader with 30 million users across 90 cities in the Middle East, North Africa and Pakistan. It was valued at more than $2 billion in a funding round in October.Careem will operate under its own brand as a subsidiary of Uber and continue to be led by CEO Mudassir Sheikha.
But it has been playing up its global ambitions as it prepares to go public.Uber CFO Nelson Chai said in November that the company had invested in"high-potential markets in India and the Middle East where we continue to solidify our leadership position." In India, Uber competes with homegrown startup Ola, which operates in more Indian cities than its US rival.
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