Alexander Cornwell and Lisa Barrington by Hadeel A Sayegh

DUBAI (Reuters), Uber Technologies (NYSE 🙂 has been in discussions with Careem’s management to attract outside investors, according to four people familiar with the matter.

Careem was not immediately clear on its ownership structure after the investment, but sources indicated that Uber would still be a shareholder and Careem would have greater control over its strategy.

Careem would use the money to finance Careem’s “Super App”, two sources claimed. The app provides services other than its core ride-hailing service, including food delivery, digital payment and courier services.

According to one source, Careem wanted to expand its Super App (of which Mudassir Sheikha is the cofounder and chief executive) while Uber was focusing on ride-hailing.

Uber and Careem both turned down the request.

Uber’s Dubai-based competitor was bought by Uber for $3.1 Billion in 2012. This move will keep the brand and the app intact.

Sheikha was a McKinsey ex-executive who co-founded Careem and continued as CEO until Uber’s takeover in 2019.

While it wasn’t immediately known how much investment Careem was seeking, one source stated that Careem would increase its payment and delivery business with the new funds.

According to one source, the Careem company could eventually be listed.

Uber’s acquisition of Careem in 2019 gave America market leadership across Pakistan and the Middle East. This was ahead of the initial public offering that took place in 2012, which raised $8.1billion from investors. The company is valued at $82.4 billion.

Grab is Southeast Asia’s largest ride-hailing company and delivery service. It went public last week after a merger worth $40 billion with a blank check.