Careem, the Middle East ride-hailing app has plans of spending $150 million to launch its food delivery business in September, according to two sources.
The startup has been trialing food delivery services after announcing in February that it had acquired RoundMenu, a regional online restaurant listing platform.
According to one of the sources, Careem is currently in talks with investors to raise $150 million to fund the launch of CareemFood. Alternatively, Reuters reported that in March Careem was in early talks to raise $500 million from investors. Although there were no mentions of who the investors Careem were negotiating with.
The second source added that CareemFood will be launched in Pakistan around September, and then in the UAE, Saudi Arabia, other Gulf countries, and Egypt.