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.
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)
“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 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