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August 9, 2017

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Didi ventures to Dubai

Didi Chuxing said it has invested in Dubai-headquartered ride-hailing and Internet platform Careem to strengthen its presence overseas.

“Didi Chuxing brings leading edge AI capabilities, insight and expertise to our organization as we enter our next phase of growth” said Mudassir Sheikha, CEO and co-founder of Careem.

Founded in Dubai in July 2012, Careem serves more than 12 million customers and connects with 250,000 drivers on its platform in more than 80 cities across 13 countries.

“Growing urban populations and economic and social diversity in the Middle East and North Africa region present enormous opportunities for the ride-hailing economy,” said Cheng Wei, founder and CEO of Didi Chuxing.

The latest investment, whose value was not disclosed, increased Didi’s overseas expansion footprint after it joined hands with Lyft in the US, Ola in India and Brazil’s 99 Taxis. It also acquired Uber's China business.

Last month, Didi invested in Singapore-based Grab and Taxify, a ride-sharing platform in Europe and Africa.

Chinese Internet firms are eying overseas markets to grow their revenue.



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