e& acquires majority stake in Careem super app

UAE telecoms and technology provider e& has signed a $400 million deal with Uber to become a majority shareholder in Careem's super app.

Careem’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.

The Careem 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. It serves customers in 10 countries across the Middle East, North Africa and South Asia.

With the new investment, Careem plans to accelerate its vision to create the first everything app serving customers across the Middle East -  expanding its core food, grocery and fintech services and the Careem Plus subscription programme, while adding more partner services.

The investment provides e& with the opportunity to boost 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 providing financial service offerings.

e& will become a shareholder alongside Uber and all three of Careem's co-founders subject to regulatory approvals, customary closing conditions and administrative procedures.

Today is a big day. A new journey for #Careem begins as we welcome the global technology and investment group e& as an investor alongside Uber, supporting our vision to become the first “everything app” in the greater Middle East. pic.twitter.com/z2COm6viCs

— Careem (@careem) April 10, 2023