Careem, a subsidiary of Uber Inc., is investing an unknown sum in a popular Egyptian food-delivery service elmenus , making it one of the largest names to be enticed by the sector’s development potential in the Arab world’s most populous country.
Careem co-founder and CEO Mudassir Sheikha said in a statement Monday that the relationship with elmenus, which connects clients with over 12,000 eateries in five Egyptian cities, “will broaden our reach in one of our largest ride-hailing areas.”
The Dubai-based firm joins Egyptian payment firm Fawry and the former CEO of Just Eat in investing in elmenus, which began as an online directory a decade ago before adding deliveries in 2018. Its competitors include Delivery Hero SE’s Talabat and Jumia Technologies AG.
The 100-million-strong North African country, where anything from a slice of cake to a blood test can be delivered to your door, promises a significant and mostly unexplored market for apps like elmenus. According to Careem, despite the fact that Egypt’s meal delivery sector is worth an estimated $2.8 billion, 90% of clients still order by phone.
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The deal with elmenus, according to Careem, is a step closer to launching its Super App across the region. The function in the United Arab Emirates provides 11 services, including ride-hailing, food and groceries delivery, and payments.
In July 2021, elmenus raised $10 million in a pre-Series C round led by Fawry and including Marakez and Luxor Capital, a New York-based hedge fund.
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Elmenus, a good delivery network founded in 2011 by Amir Allam, lets users to explore restaurants in Egypt with the goal of personalizing food suggestions.
elmenus food delivery elmenus food delivery
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer