Uber Bought Careem in $3.1 Billion within 1 Go - PROSPAKISTANI.COM

Uber Bought Careem in $3.1 Billion

Uber Bought Careem in $3.1 Billion within 1 Go:

Uber Technology Inc. named as Ride sharing just bought Careem Taxi operating in 14 countries Middle East, Africa, and South Asia with the amount of $3.1 billion.

According to the Bloomberg report, Uber will pay $1.4 billion in cash and the rest $1.7 billion will be given in the shape of bonds for Careem. Careem Owners Mudassir Sheikha and other partners can buy Uber company shares at the rate of $55 per unit.

This deal will reach towards its end with the help of Japanese e-commerce company Rakuten Inc. & Price of Saudi Arabia Alwaleed bin Talal investment company. Both are stakeholders in Careem – on Monday evening & Uber will response to confirm this deal on Tuesday.

Uber Bought Careem in $3.1 Billion within 1 Go - PROSPAKISTANI



 
 

Dara Khosrowshahi, Chief Executive of Uber Technology Inc. said, this deal with the Careem taxi hailing is very important for them.

Deal between these 2 companies started at least last summer and we got to know through our sources that they were not even serious until the last year but Uber is now facing a lot of rivals in most of the countries.

Careem Technology By Middle East Partners

 

Careem founded in 2012, worked hard to leave marks in Middle East, North Africa, Pakistan & Turkey, operitng in 14 countries and more than 100 cities around the world.

“Uber now merging with Careem and got the best potential of car taxi service in the Middle-East,”

Saying of David Chao, co-founder at venture firm DCM,

“It’s a big & the first Company in Middle-East to representative of things to come out”.

David Chao is the investor of Careem raised more than $1 billion or more in the startup

Careem was haing a value at about $1 billion in 2016 late, tried to make one of the most valuable technology in Middle-East at its time and Careem was the successful business all over the Middle-East & in Asia. STV, The Venture Capital Funds Launched by Saudi Telecom. Co., Al tayyaar Travels Group Holding Co., & Daimler AG are all the funders who raised their funds with Careem & in other sources.

Careem expanded its services quickly all over the countries mentioned above and working with more than a million drivers to make the most for customers. They have started more services like  Bus Services, food deliveries and Dabba(In Pakistan)

Careem Earnings

“it will likely be disclosed in a public IPO filing. Uber will kick of its IPO next month and is expected to receive a valuation of at least $100 billion” – Reuters



 

Uber Earnings

Uber Bought Careem in $3.1 Billion within 1 Go: Ubers Estimated earnings was £11.3 billion last year but the gross booking by rides were $50 billion and then suddenly Uber Technology Inc. Lost a staggering $3.3 billion. This loss is just excluded its Overseas business platforms in Russia & South Asia



 

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