Super App Journey: Uber acquires Careem for $3.1bn in final deal

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Pic Credit: Developing Pakistan

TNV Monitoring Desk

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TNV Monitoring Desk

KARACHI: The ride hailing company Uber on Friday confirmed the official close of the previously announced acquisition of another ride app Careem to the tune of $3.1 billion.

Careem Networks FZ-LLC has now become a wholly-owned subsidiary of Uber, preserving its brand.

It must be mentioned here that the Careem co-founder and CEO Mudassir Sheikha will continue to head the Careem business. The business will be comprising of the representatives from both companies including three representatives from Uber and two representatives from Careem.

From now onwards, Careem and Uber will operate their respective regional services and independent brands.

As the deal finally closes, now the Uber has acquired Careem’s mobility, delivery, and payments businesses across the greater Middle East region.

The regulatory approval process in Pakistan, Qatar, and Morocco is ongoing and the transaction will not close in these territories until approvals from the legal authorities responsible are obtained.

Uber CEO Dara Khosrowshahi said: “I’m looking forward to seeing even more innovation from Careem, as they continue to operate independently under their current leadership.”

Careem CEO Mudassir Sheikha said: “Today marks the beginning of a new chapter for Careem. The journey that we started almost a decade ago to simplify the lives of people in the greater Middle East is far from over.”

Both companies believe this completed acquisition will provide an opportunity to expand the variety and reliability of services offered through their applications.

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