Uber's rival in the Middle East is now valued at $1 billion

Careem operates in 47 cities and rivals Uber for supremacy in the Middle East, Pakistan, and Turkey, reports Tech in Asia

Dubai-headquartered ride-hailing startup Careem announced today it’s raised $350 million in a series D funding round led by Japanese ecommerce conglomerate Rakuten and Saudi Telecom.

The cash is a part of a larger $500 million round, but Careem gave no word on when it would be completed.

Careem rivals Uber for supremacy in the Middle East, Pakistan, and Turkey, similar to Grab in Southeast Asia. It operates in 47 cities and last raised $60 million in November 2015.

Saudi Telecom – through its venture capital arm STC Ventures – is an existing investor in Careem. Other backers include private equity firm Abraaj Capital and Saudi Arabia’s Al-Tayyar Travel Group.

 

The ride-hailing startup was formed in 2012 by Mudassir Sheikha and Magnus Olsson – two former management consultants at McKinsey.

Data compiled by SimilarWeb in August indicated Careem was more popular than Uber in Saudi Arabia, Pakistan, and the UAE.

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This is an excerpt from Tech in Asia. You can read the full article here