Careem founder says investment and funding will not be an issue


The Careem founder said that the funding and investment will not be an issue for them.

Careem founder revealed that no funding issue is arising from the recent events involving Saudi Arabia. However, the company is looking to expand its services in other internet based activities such as the food deliveries. Earlier, Careem announced that it secured $200 million in fresh funds but they have no immediate plans of IPO.

CEO and co-founder of Careem revealed that bad news and rumors about Saudi Arabia will not deviate the interest of investors in the region.

The Dubai-based ride-sharing app was established in 2012 and has effectively propelled in excess of 100 urban communities in the Middle East, Africa and South Asia. Not long ago the firm declared it had anchored $200 million in funds from existing speculators, including Saudi extremely rich person Prince Alwaleed.

The money was the primary close of a subsidizing round in which it hopes to raise more than $500 million, the company said in an announcement. Careem co-founder and CEO Mudassir Sheikha, said that he isn’t worried in regards to speculation from Saudi Arabia, which has been the objective of severe criticism in the course of the most recent month.


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