Ride-hailing app Careem said to weigh $500 mln in funding

Dubai-based ride-hailing Careem is in talks with investors to raise $500 million, Bloomberg reported, citing people familiar with the matter.

The company plans to raise the money as a precursor to a possible initial public offering (IPO) and the fund-raising round could value it at as much as $1.5 billion, the sources said.

The firm is also talking to potential financial advisers about the deal, the news agency reported.

Careem is said to have held early talks with banks about a potential IPO in January.

Founded in 2012, the company's investors include Saudi Arabia-based STC Ventures, Al Tayyar Travel Group and Kingdom Holding.