Didi Chuxing, China-based mobile transportation platform has invested in Middle East’s leading ride-hailing platform Careem, the company announced today. Didi Chuxing is the largest mobile transportation platform in the world which is currently being used by over 400 million in more than 400 Chinese cities. The company has entered in a strategic partnership with Careem to strengthen its leading market position and further enhance its reliable transportation offerings across the region. Together, they plan on sharing knowledge in intelligent transpiration technology, product development, and operations.
“Didi Chuxing brings leading edge AI capabilities, insight and expertise to our organization as we enter our next phase of growth” said Mudassir Sheikha, CEO and co-founder, Careem. “This evolution in our long relationship will enable Careem to more effectively pursue growth opportunities through continued innovation and sustainability. DiDi’s investment is yet another endorsement of the significant regional opportunity to leap-frog traditional infrastructure and improve the lives of people in our communities.”
Didi offers Taxi, Private Car, and other mobility options to its more than 400 million users in China with a daily ride volume surpassing 20 million. It has previously invested in transportation startups all around the world including Lyft in United States, Grab in Southeast Asia, Ola in India & very recently Taxify in Europe. Investment and strategic partnership with Careem will help the Chinese company increase its global footprint. It’s their first play in Middle East & North Africa.
“Growing urban populations and economic and social diversity in the MENA region present enormous opportunities for the ride-hailing economy.” said Cheng Wei, founder and CEO of Didi Chuxing. “Careem is the region’s technology and market leader. Through technology exchange and co-development, we look to support continued growth and transformation of the region’s transportation industry, tap into the significant potential of the local internet economy and foster more innovative services for a broader network of communities around the world.”
Careem had recently closed second-trench of its $500-million round with investments from Kingdom Holding, Daimier & some other investors that reportedly valued the company at $1.2 billion.
Present in more than 80 cities across 13 countries of the region, Careem has more than 10 million users who are being served by 250,000 Captains. It has also stepped into the business of on-demand delivery services in Saudi & UAE recently as its ultimate goal is to to become the largest transporter of people and things in the region.
Terms of the deal were not disclosed.
Latest posts by MB Staff (see all)
- Egypt close to finalizing a draft law that will impose tax on social media ads, says country’s finance minister - August 22, 2019
- Egypt’s RiseUp acquires MENAbytes - August 19, 2019
- Saudi’s Hazen.ai raises seven-figure seed to detect dangerous driving behavior through video analysis - August 18, 2019