Careem ties up with Didi Chuxing


As part of the partnership, Didi made an investment in Careem to strengthen its leading market position and further enhance its reliable transportation offerings across the region. The company employs more than 180 people and 2 million euros of risk capital have previously been raised to finance growth.

Didi Chuxing has continued to expand beyond its home in China by investing in Careem, a ride-hailing platform that operates in the Middle East, North Africa, Turkey and Pakistan.

Didi and Careem said by email they were not disclosing the value of the investment.

In that respect, it makes sense that it is considering investments in basically any ride-sharing company in the world.

"We focus on serving our users rather than competition itself", he said.

Careem is now operational in 80 cities across 13 countries and is constantly increasing their reach.

This left the startup with a $872 million valuation, down from $1 billion in December 2016 following a $350 million Series D round led by Rakuten Holding and Saudi Telecom Company.

In June 2017, Prince Alwaleed Bin Talal invested $62 million for a 7.11% stake in the ride-hailing app as part of a larger $150 million Series E funding round including luxury vehicle maker Daimler.

Other investors include the Kuwait Investment Authority and vehicle company Daimler. Uber has already conceded defeat in Russian Federation to Yandex.Taxi, while DiDi has invested in Brazil's 99, and Taxify, which operates in Eastern Europe and South Africa.

That's because the company, which is Estonian and has gained a strong foothold against Uber in the local marketplace, has just won the backing of Didi Chuxing.

DiDi and Uber have a complicated relationship - and it's worth noting that the Chinese firm is also an investor in the American one.

Aside from Taxify, the Europe and Africa Uber competitor that it invested in earlier this month, Didi has shares in Lyft in the U.S., India's Ola, 99 in Latin America and Southeast Asia's Grab.