CAREEM’S SUPER APP ATTRACTS $400M INVESTMENT FROM E&

The UAE communications company e&, which was previously called Etisalat, has snapped up just over half of a major Dubai-based food-delivery app.

Media reports indicate that e& has paid $400 million to secure a 50.03% stake in the Careem Super App, which was spun out of Careem, a ride-hailing app owned by Uber, in April 2020.

As well as food and grocery delivery, the Careem Super App offers other services including car rental, laundry and home cleaning.

“With this new investment, Careem plans to accelerate the realisation of its ambitious vision to create the first “everything app” serving customers across the Middle East,” e& said.

“This will include expanding its core food, grocery, and fintech services and the Careem Plus subscription programme across the region while adding even more partner services to the app.”

Hatem Dowidar, e&’s group CEO, said that super apps had become popular because they provided “a unique and seamless customer experience”.

“The Careem Super App is a digital native that has built a rapidly growing payments, food and grocery delivery network, and a platform for other digital businesses to scale from,” he said.

“The shared vision between e& and Careem is exciting. We believe that together we’ll be able to enhance our impact across different markets in the region while pushing the boundaries of customer experience.”

Careem operates in scores of cities in a dozen countries and, after being founded in March 2012, was bought by Uber in January 2020. Uber is retaining ownership of Careem’s ride-sharing business.

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