Careem, an application-based car service provider has succeeded in raising $60m worth of funding, with Abraaj Group being a lead investor in the funding process.
With the new deal, Careem aims to expand its horizons and innovative solutions in the MENA region and South Asia, along with the development of new products and services.
The new funding deal is the third deal sealed by Careem. Other investors that joined the funding process of the company were STC Ventures, Lumia Capital, Wamda Capital, Beco Capital, and Al Tayyar amongst others. Al Tayyar however “remains the largest institutional investor in Careem”.
“The transport industry is witnessing a positive disruptive revolution from the use of technology. The headroom for growth in the ride-share and taxi-app industry continues to be substantial and is proving out globally – and with our markets being no exception,” said Mustafa Abdel-Wadood, Partner at The Abraaj Group, in a statement from the company.
Further commenting on the new deal, Mudassir Sheikha, Careem’s co-founder and Managing Director said: ” The Abraaj Group brings unique regional insights, proven execution capability, and global resources we consider critical to realizing our mission of simplifying the lives of people in the region”.
Careem was founded in Dubai in 2012, and is currently present in 20 cities, from Morocco to Pakistan.
In the UAE, Egypt and Saudi Arabia, which are considered Careem’s core markets, the company has grown “month on month” by over 30% in the past three years.
The main aim of the company is to become the largest “consumer logistics business in the region”.
Abraaj Group, which specialises in private equity investment, operates in the Middle East, Africa, Latin America, Asia and Turkey.