Early this morning, Dubai-based ride-hailing app Careem that it has raised $200 million. As a reminder, last month聽rumors swirled in the tech world that the company was entertaining the idea of being acquired by Uber. But $200 million from investors, including (the investment vehicle of Saudi Prince Alwaleed bin Talal), says that might not be the case.
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Careem closed its round from Kingdom Holding Company, German automotive company, and back in June 2017. The company has since expanded into other geographical areas in the Middle East and North Africa and is planning to launch a . It has now raised a total of $771.7 million, per and is valued at over $2 billion.
This news comes as Uber has its eyes set on a early next year that could value the company at $120 billion. Of course, the company hasn鈥檛 done the best job of competing in Asian markets where local companies have invaluable聽regional knowledge and a voracious appetite for success. It backed out of China, losing to Didi Chuxing, in 2016, and left Southeast Asia earlier this year, its regional operations to Singapore-based Grab.
In any case, with a potential valuation of an estimated 11 times its revenue multiple and with Careem鈥檚 war chest topped off by investors, maybe leaving the Middle East and continuing to focus on markets where it burns less cash is a good option for Uber.
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