On Monday, Uber (UBER) owned ride hailing business Careem, which operates in the Middle East and a few other countries, announced the launch of a spinout called Careem Technologies, after receiving a 400 million investment from e&, an Abu Dhabi based company. The United Arab Emirates (UAE) tech holding company was formerly called Etisalat.
According to a report in CNBC, tech holding company e& signed a binding agreement with Uber Technologies. It will acquire a stake of 50.03 percent in the spinout. The UAE based company that will invest $400 million in the spinout will be the major stake holder. The spinout will be called Careem Technologies.
Uber will continue to own Careem’s ride hailing business. In 2019, it acquired this business for $3.1 billion. Uber has not yet disclosed its stake in the spinout.
CNBC also reported that the company’s “super app” will be the focus of the spinout company. This super app not only offers ride-hailing services but also offers many other services some of which include delivery services for food and groceries, digital payments, rentals for bicycles, laundry services, cleaning services, ticket booking for events, remittance transfers and more.
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A spokesman for Careem told CNBC that Careem owned and operated non-ride services would be owned and operated by Careem Technologies, in future. However, third-party services such as Washmen for laundry service or Tikety a marketplace for event booking will continue to operate their services as third-party in Careem Technologies super app.
The spokesperson also reiterated that Uber would continue to play a strong role in Careem Technologies. It would have a “shareholding” in the new entity. However, the new entity would also be “independent with a different structure” and it was created to get “new investment from a new party.”
In a statement to CNBC, e& said that their investment in Careem Technologies would help accelerate the goal of Careem which is to create “the first ‘everything app’ for customers across the Middle East.”
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