Careem is now all set to heat up the food delivery market, whose initials trials are going on. It could be a direct competition to the US-based UberEats.
Careem announced taking over of UAE-based RoundMenu at an undisclosed amount. This move aimed at boosting its market position, by adding more verticals to its current portfolio.
It is expected that Careem would start testing food delivery services through the restaurant listing platform this month.
Careem in a statement said, “Careem will begin testing a delivery capability for RoundMenu customers on a small scale later this month. It will continue to look at other verticals that can be powered by their technology and ground transportation logistic capabilities.”
UAE’s leading restaurant locator RoundMenu guides and helps customers in finding restaurants and advise them on trending places recommended by social media.
Careem is Uber Technologies’s Middle East competitor. Careem is now all set to heat up the food delivery market, whose initials trials are going on. It could be a direct competition to the US-based UberEats.
Careem is a transportation network company based in Dubai, who functions in 53 cities in the Middle East, North Africa and South Asia. While Uber Technologies Inc. is a ridesharing, food delivery and transportation network company which is exercised in almost 633 cities globally.
Launched in September 2016 in Dubai, UberEats responds with its customer’s location and help them find out the available restaurants near them and also updates them at every stage of the process.
There is a massive demand for food delivery services in the Middle East. There are other companies also who are active in food delivery business in this region, which includes Talabat, Zomato, and Deliveroo.
In June 2017, Careem had announced its expansion plans after raising $500 million from investors, including German carmaker Daimler and Saudi Arabia’s Kingdom Holding.
Kingdom Holding has a seven percent stake in Careem which it obtained through a Secondary Share purchase and as well as participating in the latest Primary Round E-1 Capital Raise amounting to a total transaction value of $62 million.
In May 2015, Careem took over Morocco-based taxi company Taxii, and In June 2015, it took over Saudi address coding service Enwani. In July, Careem had taken a minority stake in an Egyptian start-up that connects commuters with private buses in Cairo.