Didi Chuxing Invests in Careem
Didi Chuxing, China’s largest mobile transportation platform, has invested in MENA’S Uber rival, Careem, in August. Both parties did not reveal the size of the investment. The startup will use the investment to share knowledge and resources about various topics, including intelligent transportation technology, products and operations, which falls under its vision of helping to accelerate mobility in the region, and sustaining innovation, and community engagement. The investment followed to the startup’s announcement of raising $150M, to close a $500M Series funding round in June 2017. Didi Chuxing serves more than 400M users in 400 cities with over 20M rides per day, and is on a mission to build an open and sustainable global mobility ecosystem to advance transportation technology and product innovations. Careem is currently operating in 13 countries and 80 cities, with 250000 drivers and more than 10M users. The startups has launched its services in Palestine on June 15; it started with the city of Ramallah, with plans to expand to additional cities in the country. The startup has also partnered up with Airwaybill, the peer-to-peer shipping platform in June, and became its official transportation partner in the Middle East.