So on thursday it was reported that uber were in advanced talks to buy it biggest Middle-Eastern competitor careem. It is said that the deal could put careem at a valuation of $3 billion.
Though the two companies have declined to make any comments on the report, Careem CEO Mudassir Sheikha seemed to rule out an acquisition in an interview last wee, “Weve only addressed 1 to 2% of our addressable market,” “We are continuing to fundraise,” he continued. “We have enough cash on hand to fund our business plan, but our ambition keeps on getting bigger so we are getting into more things than initially anticipated.”
For a global competitor to come in and start providing a service to the top 2-3 percent of the population is not difficult they’re used to the convenience,” said Sheikha. “But as soon as you start going down the masses, you require a lot of tailoring”.
So i guess we should soon be expecting to get the news of uber finally buying the middle-eastern careem.
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