Uber's Middle east rival Careem receives $1 bn valuation
Uber's middle eastern rival Careem has raised $350 million (approximately ₹2,380 crore) in Series D round of funding, valuing the taxi-hailing startup at $1 billion (₹6,790 crore). The funding was led by Japanese e-commerce firm Rakuten and government-controlled Saudi Telecom Company (STC). Founded in 2012, Careem operates in the Middle East, Turkey, Pakistan and parts of North Africa.