Ride-Hailing Company Careem Debuts Bus-Booking Service in Egypt
Careem, a transportation network company based in Dubai said it had launched a bus-booking service in Egypt and would soon expand it into Saudi Arabia and Pakistan.
The Dubai-based company said users of the ‘Careem Bus’ app can select their pick-up and drop-off location and track the bus along dedicated routes.
The company noted that the service offers fixed rate fares between 60 per cent and 70 per cent cheaper than those on the separate car service.
The launch comes more than a year after Careem invested $500,000 in Egyptian tech start-up Swvl, which offers bus booking services on its own mobile app.
Careem said it has divested its stake in Swvl, which announced it was planning to expand to Southeast Asia after securing “tens of million of dollars” in its latest funding round.
The ride-hailing company, which operates in 14 countries in the Middle East, Africa, and South Asia, competes with San Francisco-headquartered Uber Technologies in many cities.
Reuters reported that Careem has been working with investment bank Jefferies as an adviser on investment options and fundraising, including a potential merger and acquisition deal in the region with Uber.