Uber is buying Careem, its major rival in the Middle East, for $3.1 billion.For Uber, it's a way to buy dominance in a fiercely competitive region.Careem has built quite a moat to keep out western competition, founder and CEO Mudassir Sheikha told Business Insider in a recent interview.Just weeks ahead of its highly anticipated IPO, Uber announced a $3.1 billion deal to acquire one of its largest rivals in the Middle East, Careem.While Careem will remain an independent brand, Uber will acquire key insights and technology that the company has developed over the past seven years.Founder and CEO Mudassir Sheikha says that the moat carved out by Careem would be hard for a Western company to easily overcome.
The ride-hailing giant on Tuesday said it'll acquire its Middle East competitor Careem for $3.1 billion.The buyout is expected to be completed in the beginning of 2020, though it's still subject to regulatory approvals."This is an important moment for Uber as we continue to expand the strength of our platform around the world," said Dara Khosrowshahi, CEO of Uber, in a blog post."Working closely with Careem's founders, I'm confident we will deliver exceptional outcomes for riders, drivers and cities, in the fast-moving part of the world."This comes after Khosrowshahi in September said Uber wants to be "the Amazon of transportation."The ride-hailing giant operates in over 600 cities worldwide and is also on track to go public this year.
The Daily Crunch is TechCrunch’s roundup of our biggest and most important stories.If you’d like to get this delivered to your inbox every day at around 9am Pacific, you can subscribe here.Here’s everything Apple announced at its ‘Show Time’ eventLet’s see if I can get this all into one blurb: There’s the streaming service AppleTV+, the updated TV app with Channels (basically, subscriptions for other services), a $9.99 subscription for Apple News+ (including Extra Crunch) and a gaming subscription service called Apple Arcade.Oh, and beyond the subscriptions, Apple is working with Goldman Sachs and Mastercard to launch an Apple Card.Uber is paying $3.1BN to pick up Middle East rival Careem
Uber today acquired its Middle East rival Careem in a deal worth US$3.1 billion, the two companies have announced.Dubai-based Careem has cars in 120 cities across 15 countries – mainly in the Middle East, North Africa, as well as Pakistan.The deal includes Careem’s food delivery and payments units.Uber CEO Dara Khosrowshahi this afternoon described the acquisition as a “leap” forward for the company in a public letter.“Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha,” wrote Khosrowshahi.“I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary.”
Uber has acquired Careem, a major player in the ride-hailing space across the Middle East, for $3.1 billion in cash and convertible notes.The latter will continue to operate as an independent company.The news comes after weeks of rumors about the deal.It’ll see Uber gain a stake in 14 countries where Careem operates with more than 30 million users and 1 million drivers.That includes Saudi Arabia, the United Arab Emirates, Iraq, Qatar, Bahrain, Lebanon, Pakistan, Kuwait, Egypt, Morocco, Jordan, Sudan, Palestine, and Turkey.Uber has chosen not to rebrand Careem at this time.
After months and months of rumors it’s finally been confirmed that ride-hailing giant Uber is picking up its Middle East rival Careem in an acquisition deal worth $3.1 billion — with $1.7BN to be paid in convertible notes and $1.4BN in cash.Careem was founded as a ride-hailing rival to Uber in 2012 but has since diversified its business to include offerings such as food and package deliver, bus services and credit transfers — bolstered via acquisitions of its own, such as RoundMenu and Commut (both announced last year).Major markets are stated to include Egypt, Jordan, Pakistan, Saudi Arabia, and the United Arab Emirates.Working closely with Careem’s founders, I’m confident we will deliver exceptional outcomes for riders, drivers, and cities, in this fast-moving part of the world.The mobility and broader internet opportunity in the region is massive and untapped, and has the potential to leapfrog our region into the digital future.This is a milestone moment for us and the region, and will serve as a catalyst for the region’s technology ecosystem by increasing the availability of resources for budding entrepreneurs from local and global investors.
Uber has confirmed rumors that it’s building out its presence in the Middle East, Africa, and Asia by acquiring Dubai-based ride-hailing service Careem.Reports first surfaced that Uber was in advanced talks to buy Careem last month, and over the weekend fresh rumors emerged that a deal was to be announced imminently.In an email sent to Uber employees, Uber CEO Dara Khosrowshahi said that while Careem would become a wholly-owned subsidiary, it would operate independently, with Careem cofounder and CEO Mudassir Sheikha remaining at the helm.“I’ve gotten to know both cofounders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary,” Khosrowshahi said.“I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately,” Khosrowshahi added.“After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each.”
Payment is made with 1.7 billion in convertible bonds and $ 1.4 billion in cash and the deal is expected to be completed during the first quarter of 2020, following customary regulatory approvals, according to a press release.The acquisition expands the Uber stiff in the Region where Careem is strong.the Company has more than one million drivers in over 90 cities.After the deal closed will Careem to operate as a wholly owned subsidiary of Uber but maintain their own brand.his co-founder and ceo Mudassir Sheikha will continue to lead the Careem.
Now Magnus Olsson with great probability the latest addition to the exclusive crowd.His taxiappbolag Careem has in seven years grown to become the market leader in the Middle east, despite the competition from Uber, which dopats with a staggering 223 billion in venture capital.Magnus Olsson has been living in Dubai since 2006 and feel along with its co-founder to the region in its five fingers.If you believe Magnus Olsson himself created the company a completely new market.the Company worked in close collaboration with local authorities, unlike Uber, whose strategy rather been to run into new markets with their eyes closed and ignore the existing laws.After a couple of half failed and greatly förlustdrivande attempts to establish itself in the Middle east and in China, Russia, and Southeast asia – realized to the end of the Uber, the best option was to buy up the competition.
In a move that goes against its recent trend of pulling out of foreign markets, ride-sharing giant Uber is preparing to purchase Dubai-based competitor Careem in a $3.1 billion ( £2.4 billion) deal, according to reports in Bloomberg and the Financial Times this weekend.Those reports indicated the deal could be signed as early as today (Monday) and announced by Tuesday, though spokespeople for Uber and Careem did not offer comment to Bloomberg.Careem was valued at roughly $1 billion ( £760m) in a 2016 funding round and $2 billion ( $1.5bn) last year, and it currently claims to operate in over 90 cities in 15 countries and have over 30 million users throughout the Middle East, North Africa, and South Asia.As the Financial Times wrote, a successful sale would be a “historic moment” for the region’s tech and venture capital industries, which has “struggled to produce few high-profile success stories”:Amazon in 2017 acquired regional e-commerce site Souq.com for around $650m.“This is a validation for the tech space in the region and everyone that has invested in this space over the past few years,” said one investor.
(Reuters) — Uber is set to offer over $3 billion to buy Dubai-based rival Careem Networks, two sources familiar with the deal told Reuters.Uber’s offer could be unveiled during the early part of this week, a third source added.Uber will pay $1.4 billion in cash and $1.7 billion in convertible notes, which will be convertible into Uber shares at a price equal to $55 per share, Bloomberg had earlier reported, citing a term-sheet.Careem declined comment while Uber did not immediately respond to a request from Reuters to comment.Uber has been preparing for an initial public offering, and its bankers have indicated that it could be valued at as much as $120 billion.The U.S.-based global logistics and transportation company has been seeking new avenues of growth even as it faces severe competition in its core business of ride hailing from rivals like Lyft.
the price tag consists of $ 1.4 billion in cash and 1.7 billion dollars in convertible bonds that can be converted into Uber-shares at the price of 55 dollars each.According to the sources, to Boomberg, the shareholders have in Careem until Monday to accept the deal.the Company is backed by, among other things, saudi prince Alwaleed bin-Talal and the japanese e-commerce company Rakuten.One of the company's founder is Swedish Magnus Olsson.Read more: the Swede is negotiating with the giant – can sell for 28 billionthe Ubers the purchase of Careem will be the face of the company's listing on the New York stock exchange.
ORBIS RESEARCH recently New Research Report on Global Mobility as a Service (MaaS) Market Growth 2019-2024, This report presents a comprehensive overview, market shares, and growth opportunities of Mobility as a Service (MaaS) market by product type, application, key manufacturers (Uber, Didi, Lyft, Gett, Mytaxi(Hailo), Ola Cabs, BlaBla Car, Careem, Grab Taxi, Kako Taxi, Addison Lee, Meru, Ingogo, Flywheel, Easy Taxi, Gocatch, Via, Yandex Taxi, Lecab, 99Taxis) and key regions and countries.Transportation-as-a-Service (TaaS), also known as Mobility-as-a-Service (MaaS), describes a shift away from personally owned modes of transportation and towards mobility solutions that are consumed as a service.The private automobile has been an intrinsic part of our lives for around a hundred years.The more recent rise of companies like Uber and Lyft is witness to a more dramatic shift in mobility and car ownership.Sample Report + All Related Graphs & Charts @: https://www.orbisresearch.com/contacts/request-sample/2812865Transportation as a service (TaaS) developed rapidly sence 2010, and most of top players were established between 2009 and 2013;Now North America is the largest market, due to the mature and perfect transportation system; Currently, Uber is dominating North America, over 80% market share in the end 2016; and other players like Lyft is developing rapidly these days, when Uber is in trouble.In July 2017, Lyft may occupy for 20% share in Untied States.Europe also developed rapidly, several players are dominating the Europe market, like Yandex is domimating Russia, Uber and Gett are dominating UK market, BlaBlaCar is dominating France market, Mytaxi is dominating Germany market; In future, the European local players will keep the leading position.China now is dominated Didi Chuxing, there are also few small players, gradually expanded their market size through diversified competition, supporting better services.According to this study, over the next five years the Mobility as a Service (MaaS) market will register a 36.8% CAGR in terms of revenue, the global market size will reach US$ 158000 million by 2024, from US$ 24100 million in 2019.In particular, this report presents the global market share (sales and revenue) of key companies in Mobility as a Service (MaaS) business, shared in Chapter 3.This study considers the Mobility as a Service (MaaS) value and volume generated from the sales of the following segments:Segmentation by product type: breakdown data from 2014 to 2019, in Section 2.3; and forecast to 2024 in section 11.7.Type IType IISegmentation by application: breakdown data from 2014 to 2019, in Section 2.4; and forecast to 2024 in section 11.8.Below 25 Years Old25-40 Years OldAbove 40 Years OldThis report also splits the market by region: Breakdown data in Chapter 4, 5, 6, 7 and 8.Americas, United States, Canada, Mexico, Brazil, APAC, China, Japan, Korea, Southeast Asia, India, Australia, Europe, Germany, France, UK, Italy, Russia, Spain, Middle East & Africa, Egypt, South Africa, Israel, Turkey, GCC CountriesThe report also presents the market competition landscape and a corresponding detailed analysis of the major vendor/manufacturers in the market.
Taxijätten Uber is in the far past negotiations to buy Dubai-based rival Careem, this is according to Bloomberg with reference to people familiar with the negotiations.According to Bloomberg, the store will be around 3 billion dollars, equivalent to 27,7 billion, and should be able to be completed within the next few weeks.Neither Uber or Careem would like to comment on the data.Careem was founded in 2012 in Dubai by the swede Magnus Olsson, along with Mudassir Sheikha and Abdullah Elyas, which means that the Magnus Olsson now can go receive a hefty deal if it would go through.Careem is valued according to Bloomberg for $ 1 billion in 2016, making it one of the most valued startupbolagen in the middle east.According to the company's own data, more than a million drivers in its network, which is active in more than 100 cities in the middle east.
Uber is in "advanced talks" to buy Careem, a ride-hailing company in the Middle East, Bloomberg reported Tuesday.In an interview last week, Careem's CEO seemed to hint that an acquisition was not in the cards.Still, given the unique challenges of the Middle East, a buyout could make sense for Uber.Sign up for our best stories delivered to your inboxBy clicking Sign Up, you agree to receive marketing emails from Insider Inc. and accept our Terms of Service and Privacy Policy.Uber is in "advanced talks" to buy its largest Middle Eastern competitor, Careem, Bloomberg News reported Thursday.
Careem, worth more than $2 billion, is one of Uber's biggest competitors in the Middle East.In an interview with Business Insider, CEO Mudassir Sheikha outlined the steps Careem is taking to stave off Uber's global dominance.The company has mapped more than 45,000 miles of roads — because Google Maps was never an option for this market.In the developed world, Google Maps has arguably the most comprehensive street-level data of cities and towns.But in many emerging markets, like the Middle East, much of that data lacks the specificity and detail required to underpin a transportation app.That's a problem if your product involves shuttling people from place to place via an app.
Careem, a Middle East-based ride-hailing service, is hoping to stave off Uber's global expansions.CEO Mudassir Sheikha spoke to Business Insider about the company's advances on driver safety, deliveries, and more.When the founder of Careem, a Dubai-based ride-hailing company, traveled to his hometown of Karachi in Pakistan, his own mother urged him not to use the app to travel from the airport.Such attention to regional concerns and cultural nuances has underpinned the company's growth to now cover more than 120 cities in the region, from Morocco to Pakistan — and what Sheikha hopes will be enough to keep global competitors, namely Uber, from dominating the Middle East like it has so many other markets."The hard infrastructure is remarkable."A lot of the building blocks you need to enable a service like Careem — such as maps or payments systems — you almost take them for granted [in developed markets]," said Sheikha, who met his cofounder, Magnus Olsson, in Dubai while both on assignment for the consulting firm McKinsey
New Trending Business: Taxi booking, Ride sharing, Car Rental www.cubetaxi.comA Little About Taxi Business Industry ● The taxi industry is one of the biggest business markets all around the world.● Taxi Booking Apps like Lyft, Careem, Grab, Uber and many more are perfect examples.● You can contact any reputable company who builds an on demand taxi app like uber and kick start your own uber clone taxi business.Let's See New Features in Uber Clone App Taxi Business Tool Uber like app becomes the most popular and most competitive business.Hotel or Tourist Office Booking Panel ● Hotel or Tourist office booking panel is also one of the paid features in Uber clone taxi booking application.
Make your car last longer for a great Taxi businessEvery business makes more money if the return on investment is high.With the surge of Careem clone type of apps, the desirability of an app based taxi business has gone up in a big way.This will save you a whole lot of money while effectively increasing the life of your car.Rash driving and treating the brakes and clutches with a lot of pressure will only end up making the car get worn out faster.This is why you have to make it personal for the drivers.
Back in 2009 when Travis Kalanick and Garrett Camp came up with their brainchild – Uber, not many would have thought will start a revolution in the taxi industry.The idea of a taxi-app platform was both unique, innovative and had plethora of benefits for customers and drivers.Soon after Uber’s success, other companies like Lyft, Grab, Ola, and Careem also made their mark.The advent of taxi-aggregators services demolished the business of traditional taxis all around the world.Which is the reason why associations of traditional taxi drivers always lock horns with that of taxi-hailing services.However, recent few years have proved that this situation is not only for the traditional taxi drivers.There have been several protests and strikes by the drivers of taxi hailing services in different parts of the world too.In this article we’ll discuss in detail all the challenges and struggles of a traditional driver’s association as well as the association of app-based taxi drivers.Challenges faced by app-based taxi driversSituation in IndiaThe total number of drivers driving for ride-hailing giants such as Uber, Ola, and others in India is a staggering 1.5 million.India has seen a couple of nation-wide strike by the drivers against these companies.The main reason behind the strike was that the money made by drivers from these apps was not enough for their survival.This made them helpless to participate in such strikes.The situation wasn’t this grim early on.