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Monday, 9 July 2018

Careem is planning to spend USD 150 mn to launch CareemFood

Also from the ride-hailing space, Careem is planning to spend USD 150 mn to launch CareemFood: Careem is in talks with investors to raise as much as USD 150 mn to finance the launch of CareemFood, a regional competitor to UberEats, sources close to the matter tell Reuters. The Dubai-based firm, which is said to have rebuffed a recent acquisition offer from Uber as it embarks on a new round of fundraising, has been trialing food delivery services after acquiring regional online restaurant listing platform RoundMenu back in February. Initial reports had suggested that Careem was looking for USD 500 mn to fund the new product. CareemFood will launch in Pakistan as early as September and then in the GCC and Egypt, another source said.

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