[ad_1]
The UAE’s global technology and investment group, e&, will invest $400 million to become a major shareholder in the Careem Super App, along with all three co-founders of Uber and Careem.
e& therefore announces the signing of a binding agreement with Uber Technologies (UBER) and its subsidiary Careem to acquire a majority stake. Careem’s ride-hailing business will remain wholly owned by Uber and continue to provide customers with all other Careem services through the existing app.
The Careem Super App offers more than a dozen services, including food and grocery delivery, micro-mobility, digital wallet and suite of fintech services, as well as additional third-party services such as home cleaning, car rental and laundry. Careem serves clients in 10 countries in the Middle East, North Africa and South Asia.
all applications
With this new investment, Careem plans to accelerate its ambitious vision to create the first “everything app” to serve customers in the Middle East. This will include expanding its core food, grocery and fintech services and Careem Plus subscription program across the region, while adding more partner services to the app.
Careem expects significant synergies with e& and expects to benefit from e&’s large customer base and extensive experience in scaling complex technical support businesses across a largely shared geographic footprint.
The investment is in line with e&’s strategic goals to expand consumer digital offerings and accelerate its transformation into a global technology and investment group. It gives e& access to multiple digital verticals, new innovative digital services, strong talent and new geographies.
promote growth
e& will leverage the Careem Super App to facilitate the growth of its consumer digital services, including the expansion of e& life’s fintech vertical, e& money, which will play an important role in the super app vision by providing e& money’s strong financial services offering.
e& is integrating emerging technologies into its expanding business verticals. e& has 163 million users in 16 countries in the Middle East, Asia and Africa.
Hatem Dowidar, CEO, e& Group, commented: “Superapps are driving economic, social and cultural development in today’s emerging markets. The popularity of superapps stems from the need to provide a unique and seamless customer experience. A mobile-first crowd has formed An ecosystem that encourages the use and expands the range of super apps that users expect to move to performing their daily activities on digital platforms.
digital native
“The Careem Super App is a digital native app that has built a fast-growing payment, food and grocery delivery network, and a platform for other digital businesses to scale. The shared vision between e& and Careem is exciting and we believe Together we will be able to strengthen our presence in different markets in the region while pushing the boundaries of customer experience.”
Uber CEO Dara Khosrowshahi said: “Over the past decade, Careem has helped revolutionize mobility in the greater Middle East while building an incredible brand. I’m delighted Partner with Careem and welcome e& as we grow the Careem super app to provide more services to millions of people in this rapidly growing part of the world. Everyone at Uber is excited about the Careem platform for the next decade and beyond Excited about the impact the region is having.”
Khalifa Al Shamsi, CEO of e& life, said: “There are multiple opportunities for growth between Careem and e& life as the ‘consumer digital’ division of e&. Our current strengths, mainly in fintech and multimedia, coupled with Careem services and regional footprint will accelerate our shared vision of regional super apps. Through the partnership between e&, Careem and Uber, we will set new standards for product innovation and customer experience across the region.”
technology platform
Careem CEO and Co-Founder Mudassir Sheikha said: “The opportunity to use technology to improve the lives of people in the region is enormous. Uber has been an incredible partner over the past three years as we expand our Our mission to simplify people’s lives through everyday services beyond ride-hailing. We are delighted to bring e& into the family. Their passion for revitalizing the region and the synergies of their portfolio are invaluable. With e& and With two strong partners at Uber, I have no doubt that we will create a superior technology platform in the region.”
Since its acquisition by Uber in 2020, Careem has grown into a multi-service app that offers users more than a dozen services. UAE-based grocery delivery service Quik will grow 46-fold in 2022, with food orders up 86%. During the year, Careem Pay was launched in the UAE as a true fintech offering digital wallet and payment products including bill payments, international remittances, domestic peer-to-peer payments and one-click checkout. Careem Bike doubled its network of pedal-assist bikes, growing 61%. Careem launched its popular subscription service, Careem Plus, and its first partner service (home cleaning) grew 4.9x, while adding new third-party partners for car rental, spa and laundry services.
Completion of the transaction remains subject to regulatory approvals, customary closing conditions and administrative procedures. — trade arab news agency
[ad_2]
Source link