Careem in talks to raise as much as US$500mn in new funds

R106 Abdullah Elyas Mudassir Sheikha Magnus Olsson Founders Careem 22 9 2016 2602Careem is in talks to raise new funds according to sources. (Image source: Careem)Ride-sharing app Careem is in early talks to raise as much as US$500mn in new funds from investors, Reuters reported citing sources

Reuters reported citing one source that Careen may be looking to diversify its asset base and that some of the money could be used for new business lines ahead of a potential IPO.

The company was also approached by a third party to participate in its latest funding round, a second source told Reuters.

Reuters reported that Careem declined to comment when contacted.

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