KARACHI: UAE investor e& announced on Monday the signing of a binding agreement with Uber Technologies Inc and its subsidiary Careem to acquire a majority stake in Careem’s Super App spinout. e& is investing $400 million to become a majority shareholder in Careem’s Super App alongside Uber and all three of Careem’s co-founders. Careem’s ride-hailing business will remain fully owned by Uber and continue to be available with all other Careem services on the existing app for customers. The investment provides e& with access to multiple digital verticals, new innovative digital services, strong talent and new geographies, it added. e& will leverage the Careem Super App to boost the growth of its consumer digital services, including the expansion of e& life’s fintech vertical, e& money, which will play an important role in the super app vision by providing e& money’s powerful financial service offerings.

Source: The North Africa Journal April 11, 2023 02:13 UTC