Europe News Desk!! Ride-hailing major Uber has sold its stake in Karim for $400 million to boost its super app business. Uber bought Karim, a ride-hailing company in the Middle East, in 2019. Karim will use this money to grow his super app business. According to Mudassir Sheikha, CEO and co-founder of Careem, Careem will be split into two companies, Careem Rides and Careem Technologies. I am pleased to announce that we have secured $400 million in investment from global technology and investment group E&N,” Sheikha said in a blogpost. This investment will turbo-charge our Super App vision and kick-start our entrepreneurial journey to build the leading technology platform in our sector.
Karim Rides will operate a basic ride-hailing service and will remain wholly owned by Uber. Sheikha has announced that approximately 260 co-workers who directly or indirectly support Karim Rides will work at Karim Rides under Ashish Labru, who will begin reporting into Uber’s Rides leadership. Karim Technologies will operate Super App along with all other verticals and enablers. It will be jointly owned by eEnd, Uber, the three co-founders (who are investing along with eEnd) and affiliates. Around 1,400 associates will be invited to join Careem Technologies, which I will lead as CEO, Sheikha said. We will use the new funding and synergy with our new partner (E&) to scale Super App and build a category-leading vertical across all of our key markets. Some associates at Karim Technologies who operate on the shared infrastructure will continue to support Karim Rides. Careem was founded in 2012 as a ride-hailing rival to Uber, which acquired Careem in 2019 for $3.1 billion.
–IANS
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