Uber Technologies Inc. is in
discussions to buy its Dubai based rival Careem Networks FZ as the ride hailing
giant expands in the Middle East.
A deal with Uber could head off a
potential IPO. Careem had held talks with investors earlier this year to raise
$500 million, potentially valuing the firm at about $1.5 billion ahead of a
possible listing, people familiar with the matter said in May.
The company, whose backers include
Japanese e-commerce giant Rakuten Inc. and German automaker Daimler AG, was
valued at a little more than $1 billion in a 2016 funding round, making it one
of the most valuable technology startups in the Middle East.
Careem
has more than a million drivers and operates in more than 100 cities in the
United Arab Emirates, Qatar, Saudi Arabia, Bahrain, Lebanon, Pakistan, Kuwait,
Egypt, Morocco, Jordan, Turkey, Palestine, Iraq and Sudan, according to its
website. The app lets customers book rides on cars, bikes, golf carts, boats
and rickshaws as well as schedule deliveries.
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