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Uber Jumps on Report It May Bring in Investors into Careem -Breaking

by Mike Robinson

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© Reuters.

By Dhirendra Tripathi

Investing.com – Uber stock (NYSE:) gained 6% Monday on a Reuters report that the company is in talks with the management of its Middle East unit Careem to bring outside investors into the business.

Uber, according to the report will still be shareholders while Careem has more control over its decision-making.

Careem’s Super App will be funded by the new investment. It offers digital payments, food delivery, and courier services outside of the core ride-hailing service.

Reuters reports that Careem plans to use the money to expand its payment and delivery business.

Uber’s acquisition of the company was two years ago. Reuters stated that Careem will eventually be listed.

Uber’s acquisition of Careem in 2019 gave America market leadership across Pakistan and the Middle East, ahead of the initial public offering that year. The company was valued at $82.4 billion by investors after the public listing, which raised $8.1 billion.

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