Didi Chuxing backs ride-hailing company in the Middle East
Courtesy of Careem
Chinese transportation giant Didi Chuxing has invested an undisclosed amount of funding into Careem, a Dubai-based ride-hailing company that operates in the Middle East and North Africa, as part of a new partnership. Careem recently raised $500 million in funding from Saudi billionaire Prince Alwaleed bin Talal's Kingdom Holding, Daimler, DCM Ventures, and Coatue Management, among others, valuing the company at over $1 billion.
Didi's global game: Didi has already put money into Southeast Asia's Grab, India's Ola, 99 in Latin America, Taxify in Europe and Africa, and Lyft in the U.S. The company has been aggressively investing in and forging partnerships with local players, undoubtedly as part of its ambitions to "play a global game," as president Jean Liu said last year. This strategy also pits it against Uber, which operates in most parts of the world, and in which Didi has a stake thanks to a merger last summer with the company's Chinese operations.