Saudi Arab largest telecom company STC, purchased 10% of careem stock share a riding company. Careem connect passenger with driver from a ‘Mobile app’ to take a ride. Careem was founded back in 2012, a four – year – old company, has won many seed funding in it’s starting years and now STC Arab largest telecom company purchased Careem 10% of stock shares with stake worth of $100 million.
STC is already an investor in Careem through its venture capital arm, SRC Ventures, says Careem’s website.
“This move is in line with the company’s strategy to invest in the innovative digital world and enhance communication via mobile phones within the transport system.”
Careem app is popular among people in Saudi Arabia, a country where women driving is banned. For female passenger careem ride is an amazing app to travel around anywhere in city, with ride available at there door step. Careem is currently operating world wide in 47 cities of Middle East and North Africa including Pakistan and Turkey . Careem started its operation in Pakistan in start of 2016 and soon after, the amazing car service in major cities across Pakistan. Careem competitor in Pakistan Uber US-based, another smartphone app that connects passengers and drivers.
Mudassir Sheikha, Careem’s Founder recently said that.
“The company is in talks with potential investors for expansion of its services.”
Now the $100 million by STC. Saudi Arabia’s Public Investment Fund, which holds about 70 percent stake in STC, also invested billions in Careem’s rival Uber in June.
You can download Careem android app here.