Careem, an Arab based rival of the Uber has announced it raising $60 million in Series C round of fund arrangement led by the Private equity (PE) firm, Abraaj Group along with others that include Al Tayyar, STC Ventures, Beco Capital, Impulse.
Founded in 2012, the startup Careem is a car booking app services based in Middle East. With the app, the users can book a personal, chauffeured car through the app or the website or through call center with an assured safety and reliability. It currently operates in 20 cities in the Middle East and North Africa region and Pakistan.
The fresh funds generated from the funding round that took ten months to complete has been planned to expand business into newer markets. The newer markets include second-tier cities like Saudi Arabia where it already has the presence in big urban centres. With the funds, it also plans to recruit world-class team, also improve its payments and logistics.
Carrom co-founder Mudassir Sheikha said, “Our strategy all along has been that we need to build products around our deep understanding of these local markets. The funding and the growth leading up to this funding is a huge validation of that strategy.” He also added, ” As we successfully close our third round of funding, we welcome our new investors and partners into Careem. 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. We will continue to innovate our product, expand through the region, bring greater income generating opportunities to even more of our Captains, and recruit outstanding talent to serve a growing customer base across our cities.”
Mustafa Abdel-Wadood, partner at Abraaj, said, “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.”