Ride-hailing firm Careem on lookout for acquisitions, IPO an option

Careem was valued at about US$1bil (RM4.4bil) following an investment of US$350mil (RM1.5bil) by Saudi Arabia's state telecoms company and Japanese Internet firm Raukten.

ABU DHABI: Dubai-based ride-hailing company Careem is looking for acquisition opportunities and is considering an initial public offering as a possible option but has no timeframe in mind, its founder and CEO said.

Careem, which competes with Uber and operates from Pakistan to Egypt, plans to enter second-tier cities in Saudi Arabia, Egypt and Pakistan this year as well as new markets in North Africa and the Levant, Mudassir Sheikha told Reuters. He did not specify which countries.