e& Group signed a binding agreement with Uber Technologies to acquire a 50.3 per cent stake in Careem Super App, in a deal valued at $400m.
Careem plans to use the proceeds from the new investment to accelerate its ambitious vision to create the first ‘everything app’ serving customers across the Middle East region. This will include expanding its core food, grocery and fintech services and the Careem Plus subscription programme across the region while adding more partner services to its super app.
The company’s ride-hailing business will remain fully owned by Uber and continue to be available with all other Careem services on the existing app for customers.
Careem expects significant synergies with e& Group and to benefit from the telecom company’s large customer base and extensive experience scaling complex tech-enabled businesses across a largely shared geographic footprint.
Since Uber’s acquisition in 2020, Careem has evolved to become a multiservice app offering users over a dozen services. 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.
The investment is in line with its strategic ambition of scaling up consumer digital offerings and accelerating its transformation to a global technology and investments group.