Careem, a UAE based ride hailing company, and Shuttl, an Indian bus aggregator, have acqui-hired Commut, a Hyderabad based mass transit company, for an undisclosed amount. Careem will use the acquisition to expand into mass transit services by adding buses in its 100 cities in MENA, Pakistan and Turkey. Investments in the companies Careem has raised about $571 million in venture funding so far from multiple investors like Daimler, Rakuten, Didi Chuxing. In July, Shuttl raised $11 million led by Amazon India, Amazon Alexa Fund and Dentsu Ventures, with participation from existing investors Sequoia Capital, Times Internet and Lightspeed Ventures. In May 2016, Commut raised $200,000 in funding from 50K Ventures. The companies in numbers Careem claims to have 975,000 full time and part time drivers (which it calls Captains) and over 15 million users. Headquartered in Dubai, it is…
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