Dubai's ride-hailing app Careem is in talks with investors to raise up to $150 million to launch CareemFood, its food delivery business, by September, Reuters reported, citing informed sources.

 

CareemFood will be launched in Pakistan as soon as September and then in the UAE, Saudi Arabia, other Gulf countries, and Egypt, the news agency added.

 

In March, Reuters reported that Careem was in early talks to raise as much as $500 million from investors.

 

CareemFood will compete against UberEats, Deliveroo, Zomato, and Talabat which already operate in the GCC region.

 

Careem’s investors include Saudi Arabia's Kingdom Holding. German carmaker Daimler, and China’s largest ride-haling firm DiDi Chuxing.

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