Careem Acquisition, Valuation, Funding & Investors
Careem was acquired by e& for $800M in April 2023.
Cumulative funding Careem raised
$772M
across 6 funding rounds
Key investors in Careem
Seera Group
BECO Capital
Endure Capital
Lumia Capital
STC Ventures
Wamda Capital
Rakuten
Abraaj Group
About Careem
Careem is a Dubai-headquartered super app offering ride-hailing, food delivery, and digital payments across the Middle East, North Africa, and Pakistan. Acquired by Uber in 2020 for 3.1 billion dollars, it operates in 100 cities with over 50 million users. Careem's services include bike taxis, carpooling via Careem Bus, and fintech through Careem Pay. The platform employs 2.5 million captains and partners with Mastercard for remittances.
Founded
2012
HQ
DubaiWebsite
Status
Acquired
Customer focus
B2C
Revenue model
Commission
Valuation
$800M (May 2026)
Careem Acquisition
Careem was acquired by e& for $800M on 10 April 2023.
Before the acquisition Careem had raised $772M across 6 funding rounds.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 10 Apr 2023 | Strategic M&A | $800M |
Careem Valuation
Careem is currently valued at $800M, based on its secondary sale in May 2026.
The $100M round was led by Uber.
Careem's valuation has moved from $1B at its Series D in December 2016 to $800M in May 2026, across 4 priced rounds.
Careem valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| May 2026 | Secondary | $800M |
| Oct 2018 | Series F | $2B |
| Jun 2017 | Series E | $1.2B |
| Dec 2016 | Series D | $1B |
Careem Funding History
Careem has raised a total of $772M across 6 funding rounds, plus 1 secondary share sale.
Careem's first fundraising round was a $2M seed round in September 2013. The most recent completed round was a $200M Series F in October 2018.
Careem funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2026 | Secondary | Uber (lead) | $100M | $800M | Uber agreed to buy a 12.5% stake in Careem Technologies from e& for USD 100 million, implying a partial secondary transaction rather than a new primary financing round. After closing, e& will retain a 37.53% ownership stake in Careem Technologies, and the transaction is subject to regulatory approvals and customary closing conditions. The deal appears to be a strategic portfolio reshuffle for e&, while strengthening Uber’s position in Careem, the Middle East ride-hailing and mobility platform it acquired in 2019 for USD 3.1 billion. Careem was founded in 2012, reached unicorn status in 2016, and had raised a total of USD 771.7 million by the time of the Uber acquisition; its prior disclosed financing included a USD 350 million round at a USD 1 billion valuation in 2016 and a later 2018 fundraising tranche reported around a USD 2 billion valuation. Careem operates as a regional mobility and platform company headquartered in Dubai, with operations across multiple markets in the Middle East and North Africa. Earlier reporting described the company as seven years old at the time of the Uber acquisition and noted backing from regional and international investors including Kingdom Holding, BECO Capital, STV, Wamda Capital, Rakuten, Didi Chuxing, and Daimler. |
| Oct 2018 | Series F | Kingdom Holding (lead); Rakuten; STV; Seera Group | $200M | $2B | Careem, a Dubai-headquartered ride-hailing app founded in 2012, operates as the primary regional rival to Uber across the Middle East, North Africa, Turkey, and Pakistan, serving 30 million registered users in over 120 cities and 15 countries. The company has expanded beyond ride-hailing into mass transportation, deliveries, payments, and plans for food delivery, positioning itself as an 'Everything App' with significant consumer internet potential in untapped markets. In October 2018, Careem raised a $200 million tranche in its Series F funding round, co-led by Kingdom Holding Company (investment vehicle of Saudi billionaire Prince Alwaleed bin Talal), with participation from existing investors including Rakuten, STV (Saudi Telecom Ventures), and Al Tayyar Group. This initial close valued the company at approximately $2 billion post-money, up from a $1 billion valuation in its December 2016 Series D round where it raised $350 million. Careem aimed to raise up to $500 million total in the round to fuel geographic expansion and new verticals, bringing its total funding to over $771 million across seven rounds backed by 24 investors including Daimler and Didi Chuxing. The round occurred amid acquisition talks with Uber and ahead of Uber's potential IPO valuing it at $120 billion, highlighting Careem's competitive strength with nearly half of Uber's user base despite a smaller geographic footprint. |
| Jun 2017 | Series E | Kingdom Holding (lead); Mercedes-Benz; Endure Capital; Lumia Capital; Coatue; Bild Alternative Investments Corporation; DCM Ventures; Greyhound Capital | $150M | $1.2B | Careem, a Middle East-based ride-hailing service competing with Uber, closed a significant Series E funding round on June 14, 2017, raising approximately $500 million at a post-money valuation exceeding $1 billion, with one source specifying $1.2 billion. The round was led by Kingdom Holding and included investors such as Daimler (Mercedes-Benz Group AG), with prior investors like Coatue and others likely participating given the company's funding history. This marked Careem's entry into unicorn status, highlighting investor confidence in its rapid growth across the MENA region. At the time, Careem operated in 80 cities across 13 countries, boasting nearly 250,000 drivers (termed 'captains') and 10 million registered users, up from 150,000 drivers and fewer than 50 cities just months prior. The company reported month-over-month growth of 20-25% in both revenues and trips, though exact revenue figures were not disclosed using standard terms like ARR. Funds were earmarked for expanding mobility services, innovation in payments including an in-app virtual wallet to reduce cash usage, and broader regional dominance against Uber and traditional transport. Daimler's investment underscored strategic ambitions to lead global mobility, praising Careem's leadership in ridesharing through innovation and customer expansion. Previously, Careem had raised only $72 million, making this a pivotal scale-up round amid a burgeoning opportunity in regional transportation. The company later pursued an 'Everything App' vision, incorporating food delivery and payments, though specifics for this round focused on core ridesharing growth. |
| Dec 2016 | Series D | Rakuten (lead); stc Group (lead); BECO Capital; Endure Capital; Lumia Capital; Wamda Capital; El Sewedy Investments; Muna Easa Al Gurg; Seera Group; SQM Frontier Management; Abraaj Group | $350M | $1B | Careem, a Dubai-headquartered ride-hailing company operating as Uber's main rival in the Middle East, North Africa, Turkey, and Pakistan, raised $350 million in its Series D funding round in December 2016, led by Rakuten and Saudi Telecom Company (STC), with STC acquiring a 10% stake for $100 million, implying a $1 billion post-money valuation. This was the first tranche of a planned $500 million raise, following a prior $72 million in earlier rounds, enabling expansion across 47 cities in 11 countries with 150,000 drivers and six million users. The funding supported Careem's growth ambitions, including entry into new markets and services like food delivery and payments, positioning it as a regional super app precursor. At the time, Careem emphasized improving lives in the region through reliable transportation, backed by strategic partners offering global technology and local expertise. The unicorn status marked a significant milestone for the four-year-old startup. Careem continued raising funds post-2016, was valued over $2 billion by 2018, and was acquired by Uber for $3.1 billion in 2020. |
| Nov 2015 | Series C | Abraaj Group (lead); BECO Capital; Kuwait Investment Authority; STC Ventures; Lumia Capital; Wamda Capital; Seera Group; Arzan Venture Capital | $60M | - | Careem, a Dubai-founded car-hailing app launched in 2012, raised $60 million in its Series C funding round in November 2015, led by The Abraaj Group, with participation from STC Ventures, Lumia Capital, Wamda Capital, BECO Capital, Arzan Venture Capital, Kuwait Investment Authority (via Impulse), and others including Al Tayyar (Seera), which remained the largest institutional investor. The round matched the investors and leadership specified, aimed at expanding operations in core MENA markets (UAE, Egypt, Saudi Arabia) and Pakistan, developing new products, and reinforcing its position amid competition from Uber. Careem reported over 30% month-on-month growth in its core markets over the prior three years and operated in 20 cities from Morocco to Pakistan, positioning itself as a consumer logistics leader in underserved regions. Abraaj Group highlighted Careem's adaptive business model, strong growth profile, and market-specific services as key investment rationales, noting the technological disruption in transport. The funding was described as one of the largest in the region's emerging tech sector, underscoring the substantial opportunity in MENA ride-sharing. Later rounds achieved unicorn status, with $150 million raised in 2017 at $1.1 billion valuation (Abraaj exited), $350 million in 2016 at $1 billion, and a $500 million raise pushing valuation over $1 billion. Careem's traction included rapid expansion and job creation partnerships with regulators. The company was later acquired by Uber in 2019 for $3.1 billion, delivering significant returns to early investors like Al Tayyar. |
| Dec 2014 | Series B | BECO Capital; Endure Capital; STC Ventures; Seera Group | $10M | - | Careem raised $10 million in its Series B round in December 2014, led by Al Tayyar Travel Group (also referred to as Seera) and STC Ventures, with participation from other regional investors including BECO Capital. The funding followed a $1.7 million seed round in September 2013 led by STC Ventures. At the time, Careem operated a taxi-booking mobile app serving 14 cities across the Middle East and Asia, including Beirut, Cairo, Doha, Dammam, Karachi, and Lahore. |
| Sep 2013 | Seed | STC Ventures (lead); Oqal; Mazen Al Jubeir | $2M | - | - |
Who has invested in Careem?
24 investors have backed Careem across its funding rounds, including Seera Group, BECO Capital, Endure Capital, Lumia Capital, STC Ventures and Wamda Capital.
Lead investors include Uber, Kingdom Holding, Rakuten, stc Group, Abraaj Group and 1 other investor.
Careem Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Riyadh | 4 | Participant | Dec 2014 | |
| Dubai | 3 | Participant | Dec 2014 | |
 San Francisco, CA | 3 | Participant | Dec 2014 | |
| Dubai | 3 | Lead | Sep 2013 | |
| San Francisco, CA | 3 | Participant | Nov 2015 | |
 Tokyo | 2 | Lead | Dec 2016 | |
| Dubai | 2 | Participant | Nov 2015 | |
| Saudi Arabia | 2 | Lead | Jun 2017 | |
| Dubai | 2 | Lead | Nov 2015 | |
 Kuwait City | 1 | Participant | Nov 2015 | |
| Riyadh | 1 | Participant | Sep 2013 | |
 Stuttgart | 1 | Participant | Jun 2017 | |
| San Francisco, CA | 1 | Lead | May 2026 | |
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Start Free TrialAcquisitions by Careem
Careem has acquired 7 companies to date.
Last acquisition by Careem was on July 1st 2022. Careem acquired Denarii Cash for undisclosed valuation.
Latest Acquisitions by Careem
| Description | Denarii Cash is a fintech provider of automated accounts payable and B2B payment solutions for small and medium-sized businesses. Its Denarii Pay platform streamlines invoice processing, payments, and cash flow management, turning AP departments into profit centers with analytics on cost drivers. The service integrates with major accounting software like QuickBooks and Xero. | MUNCH:ON is a Dubai-headquartered food tech company providing subscription-based meal delivery from premium restaurants across the UAE and Saudi Arabia. Subscribers access curated menus with up to 55% discounts and free delivery through advanced scheduling and prediction algorithms. Corporate plans cater to offices, while family bundles suit home use. Launched in 2020, it serves major cities like Riyadh, Jeddah, and Abu Dhabi, partnering with chains such as Al Baik and local favorites for sustainable operations. | - | Commut is a Bangalore-based operator of air-conditioned minibus services for office commuters on fixed routes. The app books point-to-point rides at INR 50-100 per trip in corridors like Whitefield to Electronic City. It deploys 100 minibuses with GPS tracking and cashless payments. Founded in 2016, Commut serves 5,000 daily riders partnering with IT parks like ITPL and Manyata Embassy. | |
| HQ Country | | | |  | |
| HQ City | Dubai | Dubai | - | Hyderabad | |
| Deal Date | 1 Jul 2022 | 24 Jun 2022 | 28 May 2019 | 24 Sep 2018 | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Careem acquisitions and their M&A valuation multiples. Start Free Trial | |||||
Investments by Careem
Careem has invested in 2 companies to date.
Latest investment by Careem was on April 6th 2022. Careem invested in Qureos in their $3M Pre-seed round.
Latest Investments by Careem
| Description | Qureos is an AI-driven job matching platform for young professionals in emerging markets. It pairs candidates with roles at partners like Nestle, DP World, and Careem, alongside mentorship and project-based training in tech and business fields. Dubai-headquartered Qureos accelerates hiring in the Middle East. | Swvl Holdings Corp is a technology-driven mobility company providing mass transit solutions. It currently has two offerings: business-to-consumer (B2C) and B2B (marketed as Swvl Business). The company's B2C business utilizes its platform to provide riders with a network of minibuses and other vehicles that operate on fixed and semi-fixed routes throughout and between different cities. Riders can book available seats on vehicles to commute within a city. The Swvl Business caters to corporate customers (as well as schools and municipalities), providing them with transportation solutions for their employees and students. This business also offers transportation management software to clients who operate their own fleet. Geographically, the company generates maximum revenue from Egypt. |
| HQ Country | |  |
| HQ City | Dubai | - |
| Deal Date | 6 Apr 2022 | 17 Jul 2017 |
| Round | Pre-seed | Seed |
| Raised | $3M | $500K |
| Investors | Colle Capital Partners; Dubai Angel Investors; Al Zayani Investments; Plutus21; COTU Ventures; Globivest | - |
| Valuation | $15M | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
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Careem Competitors
Careem competitors include listed companies like GO, Lime, Socar and Goto Gojek Tokopedia, and private ones like HopSkipDrive and Voi.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Los Angeles, CA | Private | - | - | $550M | - | |
| Japan | Publicly listed | $266M | $49M | $1.7B | 5.3x | |
| United States | Publicly listed | $887M | $87M | $2B | - | |
 South Korea | Publicly listed | $343M | $72M | $301M | - | |
 Indonesia | Publicly listed | $1B | ($16M) | $3B | 1.7x | |
 Stockholm | Private | $33M | - | $1B | - |
Careem Public Comps
Careem is no longer listed, but its public comps include EverQuote, Bengo4.com, Groupon, Timee, Ixigo, WeBuyCars, ATRenew, UT Group, Trainline and Web Travel Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $693M | $62M | 0.9x | 0.8x | 9.9x | 5.5x | |||
| $105M | $19M | 7.7x | 6.9x | 43.8x | 33.0x | |||
| $498M | ($19M) | 1.7x | 1.7x | (45.9x) | 11.4x | |||
| $132M | $23M | 6.3x | 2.8x | 36.0x | 13.5x | |||
| $128M | $8M | 5.0x | 4.5x | 83.7x | 57.8x | |||
| $1.6B | $90M | 0.5x | 0.5x | 9.7x | 8.6x | |||
| $3.1B | $84M | 0.2x | 0.2x | 8.2x | 6.6x | |||
| $1.1B | $82M | 0.7x | 0.7x | 9.4x | 9.2x | |||
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Common questions about Careem
| When was Careem founded? | Careem was founded in 2012. |
| Where is Careem headquartered? | Careem is headquartered in Dubai, UAE. |
| Is Careem publicly listed? | No, Careem was acquired by e& in April 2023. |
| Who acquired Careem? | Careem was acquired by e& in April 2023. |
| How much was Careem acquired for? | Careem was acquired for $800M in April 2023. |
| What is Careem's valuation? | Careem was last valued at $800M in its secondary sale in May 2026. |
| How much funding has Careem raised? | Careem has raised $772M across 6 funding rounds. |
| What was Careem's last funding round? | Careem's last funding round was a $200M Series F in October 2018, led by Kingdom Holding. |
| Who are Careem's investors? | Careem's investors include Seera Group, BECO Capital, Endure Capital, STC Ventures, Lumia Capital, Rakuten, Wamda Capital, Kingdom Holding, Abraaj Group, Kuwait Investment Authority and 14 others. |
| Which companies are comparable to Careem? | Companies comparable to Careem include HopSkipDrive, GO, Lime, Socar, Goto Gojek Tokopedia and Voi. |
| How many companies has Careem acquired? | Careem has acquired 7 companies, including Denarii Cash, MUNCH:ON, Cyacle, Commut and RoundMenu. |
| How many companies has Careem invested in? | Careem has invested in 2 companies, including Qureos and Swvl. |
| What was Careem's last investment? | In April 2022, Careem invested in Qureos' $3M pre-seed round alongside Colle Capital Partners, Dubai Angel Investors, Al Zayani Investments and 3 other investors. |
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