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Didi Chuxing invests in Dubai-based ride-hailing firm Careem

In a bid to expand its investment portfolio in the cab segment, China-based ride-sharing company Didi Chuxing has invested an undisclosed amount in Dubai-based ride-hailing firm Careem, as reported by Reuters.

As part of a new strategic partnership between the two companies, Careem will utilize the investment to strengthen its position in the market and improve its services.

Beside, both the companies will also collaborate by sharing information on transportation technology, product development, and operations.

“Our partnership will enable us to share knowledge and resources about various topics, including intelligent transportation technology, products and operations, helping to accelerate mobility in the region” Careem said in a statement.

Careem, a rival to Uber in West Asia, claims to offer services to 12 million customers in 13 countries, predominantly in West Asia.

“Through technology exchange and co-development, we look to support continued growth and transformation of the region’s transportation industry, tap into the significant potential of the local internet economy and foster more innovative services for a broader network of communities around the world,” said Didi Chuxing founder and CEO Cheng Wei.

Last week, Didi had also backed Taxify, a Estonia-based ride hailing service that has operations in 18 countries across Europe and Africa.

In July, Ride-hailing company Grab on Monday announced that it is raising up to $2 billion from Didi Chuxing and Japan’s SoftBank in its latest financing round.

Didi claims to offer services to more than 400 million users. It acquired Uber’s China operations in August 2016. With newer investments in cab-hailing firms in other countries, Didi makes the job for Uber more difficult.

Image credit: Careem

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