According to Crunchbase data, Careem has now received $571.7m of funding in six rounds from 19 investors.
This includes $150m led by Saudi Prince Alwaleed Bin Talal’s Kingdom Holding and an undisclosed amount from DiDi Chuxing, China’s largest ride-hailing firm, in a deal announced last month to cooperate on smart transportation technology, product development and operations.
Launched in Dubai in 2012 by Mudassir Sheikha and fellow McKinsey & Co alumni Magnus Olsson, Careem has grown its presence to more than 80 cities across 13 countries in the broader MENATP region, growing at over 30 percent month-on-month during this period. But it is yet to make a profit.
People outside of the tech and venture capital industry often ask me how young businesses with limited assets and no profits achieve these lofty valuations. More info
By Alex Giannikoulis arabianbusiness.com