Careem, one of the biggest names yet to be lured by the sector’s growth potential in the Arab world’s most populous nation, is investing an undisclosed sum in a leading Egyptian food-delivery app.
Careem co-founder and CEO Mudassir Sheikha said in a statement that the partnership with elmenus, which connects customers with over 12,000 eateries in five Egyptian cities will extend their reach in one of their largest ride-hailing markets.
The Dubai-based firm follows Egyptian payment firm Fawry and the former CEO of Just Eat in investing in elmenus, which launched 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 North African country of 100 million people, where everything from a slice of cake to a blood test can be sent to your door, represents a sizable and still largely untapped market for apps like elmenus. While Egypt’s food delivery market is worth an estimated $2.8 billion, 90% of customers still order by phone, according to Careem’s statement.
