e& acquires majority stake in Careem’s Super App for $400 million

e& acquires majority stake in Careem’s Super App for $400 million

UAE-headquartered communication firm e& (formerly Etisalat) has acquired a 50.3 per cent stake in Careem’s Super App spinout for $400 million.

Careem’s ride-hailing business will remain fully owned by the US mobility firm Uber and continue to be available with all other Careem services on the existing app for customers.

The investment is part of e&'s "ambition of scaling up consumer digital offerings and accelerating its transformation to a global technology and investments group".

Founded in 2012 by Magnus Olsson and Mudassir Sheikha, Careem started as a ride-hailing app and then launched its super app in April 2020, which offers a variety of services on its platform including food and grocery delivery, micro-mobility, a digital wallet and a suite of fintech services, alongside third-party services such as home cleaning, car rental and laundry. 

The investment will support Careem’s super app expansion plans.

Careem serves customers in 10 countries across the Middle East, North Africa and South Asia.

Press release:

e& today announced the signing of a binding agreement with Uber Technologies, Inc. (“Uber”) and its subsidiary Careem to acquire a majority stake in Careem’s Super App spinout. Careem’s ride-hailing business will remain fully owned by Uber and continue to be available with all other Careem services on