Careem, Middle-East ride-hailing service, to raise $500 Million in New Capital

Middle East ride-hailing app Careem wants to raise as much as $500 million in new funds from investors.

Careem, Uber’s rival in the region, is testing the waters for potential investors and hopes to drum up its targeted $500 million in a new funding, according to anonymous sources.

Some of the money could go towards new business ventures. Careem may be looking to diversify its asset base ahead of a potential initial public offering. Careem has mentioned on numerous occasions they may go public.

Careem, who is serving 90 different cities, said it is eager to enter new markets. These include Tunisia and Algeria. They’ve already started the move to diversify by announcing the acquisition of restaurant listing reservation platform RoundMenu. With this addition Careem hopes to experiment with food delivery similar to Uber Eats.