Dubai-based ride-hailing app Careem is in early talks to secure up to $500 million in funds from investors, Reuters reported on Wednesday, citing unnamed sources.

 

Careem, which operates in more than 90 cities, is checking the appetite of potential investors and hopes to secure the targeted $500 million in a new funding series.

 

Some of the funds might go toward opening new business lines, a source said.

 

The company is also looking to enter new markets such as Tunisia and Algeria.

 

Careem, which is said to be considering a potential initial public offering (IPO), has been seeking to expand operations and diversify business streams.

 

Last month, it announced the acquisition of restaurant listing reservation platform RoundMenu, which it said it would use to trial food delivery services.

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