One company is looking to expand, the other to refocus on its core business.
The deal is being structured as an independent spinout, with Uber retaining full ownership of Careem's ride-hail business.
: "Careem Technologies will focus on the growth of the company’s 'super app,' which offers dozens of services beyond ride hailing in one app. Some of those services include Careem Quik grocery delivery in 15 minutes or less, food delivery, PCR test booking, digital payments and remittances transfers, bicycle rentals, laundry and cleaning services and event ticket booking."
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Uber-owned Careem launches spinout with $400 million investment from UAE tech holding company e&Careem Technologies will focus on the growth of the company's 'super app,' which offers dozens of services beyond ride hailing in one app.
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