Startup

Careem launches delivery service as it nears closing a massive round

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The ride-hailing giant Careem is now in the delivery business as the company seeks new verticals in its ever-increasing fight against other services in the Middle East, including Uber.

Starting with food delivery in Dhabi and Jeddah, the company sees the delivery service, called Careem Now, expanding to pharmaceuticals.

according to a report by Reuters.

Careem is investing more than $150 million into the service.“We believe the opportunity for deliveries in the region is even bigger than ride-hailing,” chief executive and co-founder Mudassir Sheikha told Reuters.

“It is going to become a very significant part of Careem over time.”Careem Now will operate independently from its ride-hailing business.

It will have its own app and Careem is building the service as a dedicated call center.This comes as the company is trying to close a $500 million funding round.

Back in October, it announced it had already raised $200 million from existing investors.

Prior to this announcement, rumors were swirling that several companies, including Didi Chuxing, could acquire Careem.




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