Uber Increases Stake in Careem Through $100 Million Deal with e&
Uber Technologies has agreed to acquire an additional 12.5% stake in Careem from UAE-based technology group e&, strengthening its ownership position in the regional mobility and services platform.
The transaction, valued at US$100 million in cash, will reduce e&’s shareholding in Careem from 50.03% to 37.53% upon completion. The deal remains subject to regulatory approvals and customary closing conditions.
The agreement marks another chapter in the long-standing relationship between Uber and Careem, which began with Uber’s acquisition of Careem in 2019. Since then, Careem has continued to operate under its own brand while expanding beyond transportation into food delivery, payments, subscriptions, and other consumer services across the region.
Careem CEO Reflects on the Next Phase
Announcing the development in a LinkedIn post, Careem Co-founder and CEO Mudassir Sheikha described the transaction as bringing the two companies into a closer alignment while maintaining e& as a strategic partner.
“While e& will remain a meaningful shareholder and close strategic partner, this move brings Careem and Uber back into a closer, deeply familiar alignment.”
Sheikha also acknowledged the role both Uber and e& have played in Careem’s growth journey.
Reflecting on Careem’s evolution over the past few years, he noted that the company’s partnership structure enabled significant expansion and helped validate the Everything App model introduced in the region in 2020.
“That structure enabled us to accelerate our growth, increasing top-line by almost 5X in the last couple of years. Along the way, we proved the Everything App concept that we first introduced in the region back in 2020.”
Read more: Adyen and Careem Pay Partner to Power Digital Remittances in the UAE
Transaction Details
Under the agreement:
- Uber will acquire an additional 12.5% stake in Careem from e& for US$100 million.
- e&’s ownership will decrease from 50.03% to 37.53%.
- e& will remain a significant shareholder and strategic partner in Careem.
- The transaction remains subject to regulatory approvals and customary closing conditions.
The agreement also includes reciprocal option arrangements that could shape the future ownership structure of Careem.
Between December 1, 2031, and January 31, 2032, e& will have a put option requiring Uber to purchase its remaining shares in Careem, while Uber will hold a corresponding call option allowing it to acquire those shares during the same period.
Careem’s Expansion Beyond Mobility
Since becoming part of Uber, Careem has expanded its offering beyond ride-hailing to build a broader consumer services ecosystem.
Today, the platform operates across multiple categories, including: Ride-hailing, Food delivery, Quick commerce, Digital payments, Subscriptions and everyday consumer services
According to e&, Careem’s gross transaction value across its core services has grown nearly fivefold over the past two years, supported by growth across delivery, commerce, subscriptions, and financial services.
Looking Ahead
The latest transaction reinforces Uber’s commitment to Careem as the company continues to expand its multi-service platform across the Middle East.
While e& remains an important shareholder and strategic partner, the additional investment further deepens Uber’s involvement in Careem’s next phase of growth.
As Sheikha concluded in his announcement:
“Yalla Careem, let’s keep building! We are just 14 years in…”
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