Didi, the Chinese ride-hailing giant, is looking for ways build up its big data and artificial intelligence capabilities.While widening its global presence with its partners, the company is also deepening its big data technology and artificial intelligence capabilities to become a global leader in smart transportation and automotive technology.It now has a presence all over the world, having invested in a number of taxi hailing companies on multiple continents.In Southeast Asia, Didi and SoftBank invested $2 billion in ride-hail company Grab this July.In August, Didi partnered with Dubai-based Careem to make a move into the Middle East and North Africa and invested in Taxify, which currently serves 2.5 million users across 18 countries in Europe and Africa.At the 2015 TechCrunch Beijing, Stephen Zhu, VP of Strategy at Didi stated that Chinese cities are a bigger challenge than US cities, forcing engineers to seek more sophisticated technology solutions.
China's Didi Chuxing is forming a strategic partnership with Careem, a mobile ride-hailing platform that operates in the Middle East and North Africa regions.As a part of the cooperation, Didi will make an investment in Careem.However, no financial terms of the deal were made available.Meanwhile, the two parties will implement sharing and cooperation in smart transportation technology and product development and operation.Cheng Wei, founder and chief executive officer of Didi Chuxing, said that urban populations in the Middle East and North Africa are growing rapidly and the economic and social structure of those regions has become more diversified which creates huge development space for the shared transportation industry.With the cooperation, they are looking forward to inspiring technology innovations to promote the transportation industry development of the Middle East and North Africa and release the potential of local Internet economies.
The global e-taxi battle took another interesting turn this week when Didi Chuxing — by far the largest ride-hailing company in China — invested in Careem, an Uber rival that’s popular in dozens of cities across the Middle East, Africa, and Asia.The partnership represents the latest in a long string of collaborations, mergers, and investments between e-taxi companies from different locales, and it serves to highlight how such businesses are increasingly electing not to take on rival firms in their own backyard but to instead form alliances.And last month, Uber and Russia’s Yandex merged their respective ride-hailing services to create a new entity targeting Russia, Kazakhstan, Azerbaijan, Armenia, Belarus, and Georgia, with Yandex owning 60 percent of the as-yet-unnamed new company.Other examples of consolidation within the fragmented e-taxi market include automotive giant Daimler’s MyTaxi, which merged with the U.K.’s Hailo last year before going on to snap up Greek rival Taxibeat.Didi claims around 400 million users, though all of those exist within its domestic Chinese market and the brand is largely unknown elsewhere.This all leads us to one question: What is Didi looking to get from its increasing investments in Uber’s local rivals?
While Uber Technologies Inc. is trying to dig out from scandals and curtail losses, its former China rival, Didi Chuxing Technology Co., is spending billions of dollars on other startups around the world.Didi recently announced investments in three ride-sharing apps in as many weeks: Careem in the Middle East and North Africa, Taxify in Europe and Africa and Grab in Southeast Asia.Early this year, Didi invested in 99, a ride-sharing company in Brazil.It’s also put money into Lyft Inc. in the U.S. and Ola in India....
Written by: Tito Hamze, John MannesI don’t know what to wear on Crunch Report (It’s a hard decision and I suck at dressing myself).If you are a startup and want to me to wear something mail me an XL T-shirt and I’ll wear it in an episode.I’m not going to mention the company on the shirt in the episode but it will be there.No offensive stuff, it’s totally at my discretion if I wear it.
A week after its first investment in Europe, Chinese ride-sharing giant Didi Chuxing is spreading its wings once again after it announced a financing deal with Careem, an Uber rival in the Middle East that is valued at more than $1 billion.The size of the investment was not disclosed.Yes, Didi is backing yet another Uber rival in another corner of the world.Aside from Taxify, the Europe and Africa Uber competitor that it invested in earlier this month, Didi has shares in Lyft in the U.S., India’s Ola, 99 in Latin America and Southeast Asia’s Grab.Beyond giving it the potential to expand its service through acquisitions or partnerships at a later, these deals also help Didi — which is the world’s second highest value tech company behind Uber — to put Uber under some pressure.The firm can help its global partners b giving them more money and providing the expertise and tech capabilities that it has developed from serving 400 million users in China.
Chinese ride-hailing giant Didi Chuxing (Didi) has made a strategic investment in Careem, a rival service that’s popular in parts of the Middle East, Africa, and Asia.The investment — for an undisclosed amount — represents part of a broader partnership that will see the duo “share knowledge in intelligent transportation technology, product development, and operations,” according to a statement issued by Didi.Didi Chuxing was born in early 2015 following a merger between local rivals Didi Dache and Kuaidi Dache.Similar to Uber, Didi Chuxing offers smartphone-based car services, such as carpooling, taxis, and premium vehicles.The company has raised vast swathes of cash in recent times, including $5.5 billion earlier this year and $7.3 billion last year, which includes a cool $1 billion contribution from Apple.Though Didi is primarily known in its native China, where it claims 400 million users, it has made no secret of its plans to build a “sustainable global mobility ecosystem” through a number of initiatives, including partnerships and investments.
Careem, which is described as an Uber in the Middle east, has closed its D-round by taking in 150 million dollars, or the equivalent of just over 1.3 billion.In december, the company took in the first part of the D-round, 350 million dollars.the Money will be this time from private equity firm Dubai's Kingdom Holding, which also has invested in another Uber-contenders, namely the Lift, and including Twitter and Snap.Even the German car manufacturer Daimler participated in the investment.In connection with the investment confirms Careems co-founder and managing director Mudassir Sheikha, the company is valued at over $ 1 billion.Before the D-round on a total of 500 million dollars had been Careem brought in 72 million dollars.
Careem, with the swede Magnus Olsson co-founder, is taxiappen that competes with Uber in the Middle east.Now, says the company's co-founder and managing director Mudassir Sheikha, in an interview with the news agency Reuters, that the company is on the lookout for companies to buy up.What company is on the radar wanted to Mudassir Sheikha did not disclose.His company conducts business in everything from Pakistan to Egypt.the Next launches are planned for the medium-sized cities in the two countries, including saudi Arabia.the Potential acquisition would be to help the company grow.
DUBAI Reuters - Saudi Arabia hopes its plan to bring a further 1.3 million women into the workforce by 2030 will be given a lift from ride-hailing apps Uber and Dubai-based rival Careem.Ride-hailing apps have come under intense scrutiny from governments and regulators across the globe as they disrupt traditional taxi businesses."The percentage of Careem captains who are Saudi has jumped from effectively zero to 60 percent in the last 12 months, and we aim to employ 70,000 Saudis by end 2017," said Abdulla Elyas, co-founder of Careem."In a country where they women cannot get behind the wheel we are offering both the women and the government a win-win solution," said Zeid Hreish, Uber's general manager in Saudi.But as these cost as much as 3,000 riyals 651.47 pounds a month, around 20 percent of the average monthly household income, women are always looking for cheaper options.There is little difference in price between a journey with Uber or Careem and a local taxi company but the industry does not feel threatened because it caters to a different market - road-side taxi hailers are usually lower income men and do not own smartphones.
Magnus Olsson Careem based in Dubai.Careem is taxiappen that competes with Uber in the Middle east, with the swede Magnus Olsson as co-founder.Recently, the company took in $ 350 million in venture capital at a valuation of 1 billion dollars.Now, writes Bloomberg that Careem is aiming at the stock exchange within a few years.We are on the path to profitability, and by the time even a note.most Likely, it will be possible any time 2018-2019 , says the company's managing director Mudassir Sheikha in an interview with Bloomberg.
There's a lot happening around Magnus Olsson's Careem.Recently, the company took in over three billion in venture capital funding from japanese e-handelsjätten Rakuten and Saudi Telecom Company STC .the Company then became a unicorn, that is to say, a startup with a valuation of over a billion dollars.Now, the state Careems managing director Mudassir Sheikha that the company is planning for a future ipo.We are on the path to profitability, and over time a potential listing , said Mudassir Sheikha, in an interview with Bloomberg.Read more: the hearts of swedes taxiuppstickare takes in 3 billion in jätterunda
Magnus Olsson Careem based in Dubai.Careem, a taxiapp, which compete with Uber in the Middle east, takes in 350 million dollars in venture capital, according to Techcrunch.It is equivalent to 3.3 billion.It is an impressive total in itself.But even more interesting is the valuation.According to a document from the Saudi Telecom Company is valued at ten percent of the company to 100 million dollars.
Now it is clear that the Middle east's answer to Uber, Careem, which is run by the swede Magnus Olsson, finished their jätterunda.Total takes the company into 350 million dollars and is valued at a billion dollars, writes Techcrunch.Behind the investment is the japanese e-handelsjätten Rakuten and Saudi Telecom Company STC .Magnus Olsson started Careem 2012 together with his co-founder Mudassir Sheikha.in 2015, the company took a half billion dollars in venture capital to be able to take up the fight with Uber in the home market of the Middle east.Read more: Jätterunda near for Careem
2016 is almost out but there s just time to anoint one more ride-sharing unicorn.Careem, one of Uber s lower profile rivals in emerging markets, has taken a step into the global limelight today after it announced that it has raised $350 million led by Japanese e-commerce firm Rakuten and Saudi Telecom Company STC .Four-year-old Careem in present in 47 cities across 11 countries predominantly in the Middle East but also Turkey, Pakistan and parts of North Africa.Across those territories, it claims 150,000 drivers — which it calls captains — and some six million users.The firm had previously raised $72 million, according to Crunchbase, so this new round — which is its Series D — is a major step up financially.The money looks like going towards market expansions primarily.
Saudi Arabia's main phone company, STC, plans to buy a 10% stake in cab-hailing firm Careem.Based in Dubai, Careem is a rival to Uber and has developed a strong presence in the Middle East, North Africa and Pakistan.Such cab-booking firms are particularly popular with women in Saudi Arabia, who are not allowed to drive.In a statement to the Saudi Stock Exchange, STC said the stake would cost it $100m £80m ."This move is in line with the company strategy to invest in the innovative digital world, which helps the company to provide additional valuable and innovative products," STC said in a statement.Careem was founded in 2012 by two former management consultants at McKinsey, Magnus Olsson and Mudassir Sheikha.
Magnus Olsson co-founded Careem 2012.It is the news agency Bloomberg, which reports that Careem stated to be near to bring in nearly three billion sek in venture capital.reportedly, the company shall hold talks with a group of prominent financial and strategic investors .2011 was hit by Magnus Olsson, of a cerebral hemorrhage when he worked at consultancy McKinsey.After having reflected on their life choices, he decided to leave the consultancy firm, something that Magnus Olsson previously told you about in an interview with the Di Digital.Read more: Svenskgrundade Careem adds difficulties for Uber in Dubai
Magnus Olsson co-founded Careem 2012.It is the news agency Bloomberg, which reports that Careem stated to be near to bring in nearly three billion sek in venture capital.reportedly, the company shall hold talks with a group of prominent financial and strategic investors .2011 was hit by Magnus Olsson, of a cerebral hemorrhage when he worked at consultancy McKinsey.After having reflected on their life choices, he decided to leave the consulting firm to have Magnus Olsson previously told in an interview with the Di Digital.Read more: Svenskgrundade Careem adds difficulties for Uber in Dubai
Now here Careem, founded by the swede Magnus Olsson, to be close to closing a monsterrunda.in 2011, he suffered a stroke, which put everything on the right.I came to the conclusion that there were two things I wanted to do.Along with Mudassir Sheikha, he founded the Dubai-based taxi company Careem, most easily described as the Middle east's Uber.When the Uber 2015 announced a major expansion in the region picked Careem into a half a billion sek in venture capital.It appears in the day as pennies.
View photosMoreThe logo of car-sharing service app Uber on a smartphone over a reserved lane for taxis in a street is seen in this photo illustration taken December 10, 2014.DUBAI/ABU DHABI Reuters - Ride-hailing service Uber UBER.UL is under pressure in Dubai, one of the Middle East's major markets, after the emirate's transport regulator signed an agreement with local rival Careem and warned other such firms that they must do the same.Under the deal between Careem and Dubai's Roads and Transport Authority RTA , announced on Tuesday, Careem's customers will be able to book all of the 9,841 taxis and 4,700 limousines operating in the emirate through the company's app.Currently, Careem users in Dubai, a city of about 2.5 million people, can only choose from a few thousand limousines which it offers through its app.Its services in the emirate of Abu Dhabi, bordering Dubai, have been suspended since August in an apparent dispute with authorities there.Careem also halted its Abu Dhabi services in late August but resumed them a few days later.