E& invests $400M for a majority stake in Careem's Super App
Emirates Telecommunications Group Company (E&) has signed a binding agreement with Uber and its subsidiary Careem to acquire a majority stake in Careem’s Super App spinout, according to a joint press release.
Techloy previously reported that Careem is seeking investment to finance its Super App. Now, this deal will see E& invest $400 million to become a majority shareholder in Careem's Super App alongside Uber and all three of Careem's co-founders.
The Careem Super App offers over a dozen services including food and grocery delivery, micro-mobility, a digital wallet and 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.
Acquah Nana Yeboah
With this new investment, 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.
The investment is also in line with E&’s strategic ambition of scaling up consumer digital offerings and accelerating its transformation to a global technology and investments group.
Completion of the transaction remains subject to regulatory approvals, customary closing conditions, and administrative procedures.
