DiDi Chuxing, China’s largest ride-hailing firm has invested in Middle East online taxi service Careem, Reuters has reported.
The size of the investment is not known yet. The two companies said they would cooperate on smart transport technology, product development and operations, Reuters said.
The investment will up the ante in both these companies’ rivalry with industry pioneer Uber.
Dubai-based Careem operates in 80 cities in the Middle East, North Africa and Asia, with 12 million customers. Apart from its home Chinese market where it dominates, DiDi has been an expansion binge lately announcing a strategic partnership on August 1st with Taxify, a fast-growing ridesharing company in Europe and Africa. It has also invested in Grab in Asia, 99 in Brazil. And is cooperating with Uber’s major U.S. competitor Lyft, global car-rental firm Avis Budget Group, and India's ride-hailing company Ola.
Careem has previously raised more than $500m in funding from a range of investors including $150m from Saudi Prince Alwaleed bin Talal.