UAE-Based e& Invests US$400 Million To Acquire A Majority Stake In UAE-Born Careem’s Super App Business

UAE-Based e& Invests US$400 Million To Acquire A Majority Stake In UAE-Born Careem’s Super App Business

UAE-based technology and investment conglomerate e& (formerly known as the Etisalat Group) has announced its intention to invest US$400 million in the UAE-born Careem's super app business, whose offerings currently include food and grocery delivery, fintech services, and more.

The Careem Super App -a spin-out of the ride-hailing business that was acquired by San Francisco-based Uber in 2019- will thus now count e& as one of its majority stakeholders, alongside its three co-founders, Mudassir Sheikha, Magnus Olsson, and Abdulla Elyas. Uber will also be a significant shareholder of the Careem Super App business; at the same time, it retains 100% ownership of the Careem ride-hailing business.