Careem closes first round of funding
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Ride-hailing app Careem has closed the first part of a $500 million funding round.
It is being back by investors that include Japan’s Rakuten Inc and Saudi Telecom Co (STC), the company said in a statement.
STC has agreed to buy a 10% stake in the Dubai-based company for $100 million.
Careem said the first fundraising tranche was worth $350 million and that it was advised by Credit Suisse on the financing.
The cash will be help fund expansion plans, Careem’s statement added.
The business has been valued at around $1 billion (AED3.67 billion) following the news that STC’s stake was approved.
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