Existing investors in the on-demand ride provider include Didi Chuxing, Rakuten, Saudi Telecom, Al Tayyar and Daimler.
Careem, the United Arab Emirates-based ride hailing service backed by multiple corporate investors, has begun discussions to raise $500m at a valuation of up to $1.5bn, Bloomberg reported on Wednesday.
The company is in talks with undisclosed investors, according to people familiar with the matter, and the prospective funding is expected to precede an initial public offering.
Founded in 2012, Careem operates an on-demand ride platform that spans 90 cities across the Middle East, Northern Africa, Turkey and Pakistan. It…
