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Tuesday, 12 July 2016

Careem investing USD 100 mn into R&D, building R&D center in Egypt

Regional ride-sharing outfit Careem says it’s investing USD 100 mn in growth: Careem announced it is investing USD 100 mn in research and development over the coming five years, growing its workforce in the UAE and Pakistan, in addition to establishing R&D centers in Egypt and Germany, The National reported. The company needs to “double-down on R&D" to continue innovating in the region, said Careem co-founder Magnus Olsson. Careem currently has 3 mn registered users, over 50k drivers, and has backing from investors including Saudi Telecom Ventures, Abraaj Group, Al Tayyar Travel, and Wamda Capital.

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