Dubai-headquartered ride-hailing startup Careem announced today it’s raised US$350 million in a series D funding round led by Japanese ecommerce conglomerate Rakuten and Saudi Telecom.
The cash is a part of a larger US$500 million round, but Careem gave no word on when it would be completed.
Careem rivals Uber for supremacy in the Middle East, Pakistan, and Turkey, similar to Grab in Southeast Asia. It operates in 47 cities and last raised US$60 million in November 2015.
Saudi Telecom – through its venture capital arm STC Ventures – is an existing investor in Careem. Other backers include private equity firm Abraaj Capital and Saudi Arabia’s Al-Tayyar Travel Group.
The ride-hailing startup was formed in 2012 by Mudassir Sheikha and Magnus Olsson – two former management consultants at McKinsey.
Data compiled by SimilarWeb in August indicated Careem was more popular than Uber in Saudi Arabia, Pakistan, and the UAE.
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