e& successfully acquired 50.03% of Careem Technologies (known as the Careem ‘everything app’) through a substantial investment of USD 400 million dedicated to fostering the company’s growth.
This achievement comes eight months after the agreement was signed for acquiring the majority stake in Careem's 'everything app.' The new entity, formed by carving out non-rideshare businesses from Careem, marks a significant milestone in this timeline.
The Careem ‘everything app’ will operate alongside Careem’s rideshare business which remains fully owned by Uber.
During Q1 of 2023, e& Group CEO, Eng. Hatem Dowidar, emphasized that their investment in Careem's super app is “another strategic step in our transformation into a global technology group by bringing more digital services into our customers’ daily lives.”
Partnership Benefits
By tapping into Careem's established network and expertise, e& gains a competitive edge in navigating diverse markets and meeting the evolving needs of consumers. It also allows e& to tap into multiple digital services, access talented professionals, and expand its reach across different geographies.
With operations in ten countries across the Middle East, Africa and South Asia, Careem offers users an unparalleled platform with an extensive range of digital products and services. The Careem ‘everything app’ provides food and grocery delivery, fintech services through Careem Pay, micro mobility through Careem Bike, and additional third-party services.
The financials of Careem’s ‘everything app’ will be consolidated into e&’s financials effective from December 2023.
Related Feature: Mergers and Acquisitions: An Opportunity for Telecom Companies
