All you need to know about the Uber’s acquisition of careem

Uber acquires its biggest rival in the MENA (Middle East and North Africa) region – Careem in a whopping deal of worth $3.1 billion.
This decision came after several speculations that hinted towards a possible merger. The Uber will now acquire Careem which has more than 33 million users in 98 cities.

The acquisition consists of $1.7 billion in convertible notes and $1.4 billion in cash which are subjected to the regulatory approval as of now.
Uber’s CEO Dara Khosrowshahi said that he expects the acquisition to conclude till early 2020.
Even after the acquisition, Careem will operate as an independent brand under Uber. This means that both Uber and Careem will offer rides to their customers.
It’s possible that Uber might experiment with new features on either of the platforms before introducing it to the other.

Careem’s dominance in MENA region

It won’t be wrong to say that Careem is Uber of MENA region. The Uber-like taxi app has its dominance in the Middle-East and North African countries.
The company is based in Dubai and operational in around 15 countries.
With acquisition Uber will have an upper hand in all those countries plus it would introduce its services to the markets like Iraq and Morocco where it was never operational before.

Comments

Post a Comment

Popular posts from this blog

Pros and cons of custom vs ready to use rideshare app

  Rideshare apps have become daily commuting needs and weekend getaways. Ridesharing applications are an indispensable part of transportation including short trips. If you have decided to take advantage of this booming transportation market, then you need a rideshare app. You can select from two different types of rideshare app models namely custom rideshare app development and ready-to-use rideshare app. Both come with a multitude of features, experience, scalability and flexibility.  Here’s a detailed guide covering the pros and cons of custom rideshare app development and ready-to-use rideshare app to help you make an informed decision.  1.     Custom built Rideshare Apps Custom-built rideshare apps are tailor-made as per your business requirements, your brand and the taste of your targeted riders. Scalability, personalized experience and flexibility are the top benefits of investing in a custom rideshare app. Besides, let’s explore more pros and cons for this type: Pros of custom
Read more

"How Geolocation in your On Demand Transportation Business Can Guarantee Success? "

Image
The success story of Uber has triggered a wave of on-demand transportation businesses all around the world. Thanks to smartphones and high-speed internet connectivity, entrepreneurs are establishing on demand taxi booking startups in all parts of world these days. While the Internet and smartphone indeed deserves the credit for success, but there is one more thing without which it would have been impossible to provide on demand transportation services. Geolocation is happen to be a necessary ingredient for developing innovative on demand taxi app solution. In fact, it is due to geolocation that the transportation industry is soaring new heights on the on demand transportation services. So what is geolocation anyway? Geolocation is basically a technology that makes it possible to fetch the real-time physical location of passengers. In simple words, the Geolocation technology is the foundation for location-based and on-demand apps. In fact, the use of geolocation technology
Read more

Ride-hailing in the Oceania region: Market share, trends, competitive landscape, and in-depth analysis

Image
  The ride-hailing industry has grown tremendously over the last 10 years. The entry of app-based ride-hailing giants has literally changed the rules of the game. Names like   Uber   and   Lyft   have heavily disrupted the traditional taxi businesses in the US and around the world. The massive success of Uber has inspired the emergence of several app-based taxi startups around the globe. Their rise is precisely the reason why Uber had to struggle to assert its dominance in a few parts of the world. Many regions like the  Middle East ,  Central & Western Europe ,  Latin America ,  Caribbean islands ,  North Africa ,  West Africa , and more are emerging as a hotspot of ride-hailing businesses. Even the behemoths like Uber, Didi, and Ola have recognized the same and that’s exactly why they are entering these budding markets. One more such emerging market for ride-hailing business is the Oceania region. This region consists of 14 countries which are Australia, New Zealand, Fiji, Marsha
Read more