Uber has acquired Careem, its Middle East competitor, for $3.1 billion -- $1.4 billion in cash and $1.7 billion in convertible notes, reports Reuters. According to the report, Uber and Careem had been in negotiations for the last 9 months. Bloomberg had reported in July last year that Uber was in talks to merge with Careem, months after it sold its Southeast Asian business to Grab. Presently, Careem will operate as an independent brand to start with, and its co-founders Mudassir Sheikha, Magnus Olsson and Abdulla Elyas will continue with the company. It will be a wholly owned subsidiary of Uber. Careem was founded in 2012, and its investors include Daimler AG, Didi Chuxing, Rakuten Inc and Kingdom Holding Company. Headquartered in Dubai, it is present in 100 cities across 14 countries in the Middle East, North Africa, Pakistan, and Turkey. Careem claims to have 975,000 full time and part time drivers (who it calls Captains) and over 15 million users. Careem’s India connection, Uber’s bus aggregation in India Interestingly, last September, Careem and Shuttl, an Indian bus aggregator, 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 December, Uber launched a bus service in Cairo, Egypt. At this time, we said that if Uber’s global firsts (like cash in India) were anything to go by, Uber Bus would open shop in India soon, maybe even in the…
- RBI increases UPI and recurring transaction limits for certain categories December 8, 2023
- The Quantum Hub discusses concerns on age verification and children’s data processing under India’s data protection law December 8, 2023
- India’s central bank to set up cloud facility for financial sector December 8, 2023
- Navigating the Complexities of Open Source AI: Insights from Carnegie India Summit December 8, 2023
- Supreme Court Dismisses Plea by Foundation for Media Professionals on Internet Shutdowns December 8, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...
Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...
RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.
Straw man fallacy: IT Ministers’ defence of government exemptions in data protection law misses the point
Both the IT Minister and the IT Minister of State have chosen to avoid the actual concerns raised, and have instead defended against lesser...
The Central Board of Film Certification found power outside the Cinematograph Act and came to be known as the Censor Board. Are OTT self-regulating...
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...