VC React Podcast (E41): Amazon Buys Into ValU, Careem Exits Pakistan, & OpenAI Takes On Microsoft.

VC React Podcast
Written By Ahmad Takatkah
 
 

VC React Podcast:

Every week, we bring you insights and reactions from top VCs, LPs, and Angel Investors, reacting to the latest news on MENA startups, VCs, and investment rounds. Stay tuned for: expert analysis, independent opinions, and maybe some heated conversations!

Hosts:

Available on:

Guests:

1. Ivo Detelinov, General Partner @ Salica Oryx Fund
- LinkedIn Profile: https://www.linkedin.com/in/ivodetelinov/
- VC Firm Website: https://salicainvestments.com/

2. Basem Abu Dagga, Co-Founder @ The Learning Curve Holdings
- LinkedIn Profile: https://www.linkedin.com/in/basem-abu-dagga-pevc/
- VC Firm Website: https://www.reimagined.cc/

3. Salem Washeely, Partner @ Sadu Capital
- LinkedIn Profile: https://www.linkedin.com/in/salem-w-40276554/
- VC Firm Website: https://www.sadu.vc/

In Today's Episode:

News of the week brought to you by FWDstart:

  • Valu begins trading on EGX with Amazon as investor
    Summary: Valu made its market debut on Monday, becoming the first consumer finance company to list on the Egyptian Exchange. Shares trading under the ticker VALU.CA surged 852% on day one, closing at EGP 7.40, far above the reference price of EGP 0.78 and hitting the upper limit allowed. The listing, executed via an in-kind dividend from EFG Holding, marks one of the most unconventional, and closely watched, capital market entries in the region this year. Rather than a traditional IPO, EFG distributed 20.5% of Valu’s equity to its shareholders, funded by EGP 335 million in retained earnings. For every 3.3273 shares in EFG, shareholders received one Valu share, with fractional allocations rounded in favour of minorities. EFG Finance continues to hold 67% of Valu. In parallel, Amazon converted a long-standing option into a 3.95% direct stake, acquiring shares at EGP 6.041 per share, giving the $2 trillion firm a rare, strategic entry point into MENA fintech.

  • Careem announces end of ride-hailing service in Pakistan from next month
    Summary: Careem will suspend its ride-hailing service operations in Pakistan from July after nearly a decade in the industry, its CEO announced on Wednesday, adding that its journey in the country would continue “in a different role”. Mudassir Sheikha, Careem’s CEO and co-founder, shared a post on LinkedIn announcing “a new chapter” for the company. “It is with a heavy heart that I share this update: Careem will suspend its ride-hailing service in Pakistan on July 18,” Sheikha said, adding that it was “an incredibly difficult decision.” “The challenging macroeconomic reality, intensifying competition, and global capital allocation made it hard to justify the investment levels required to deliver a safe and dependable service in the country.

  • AppliedAI closes oversubscribed $55M Series A with backing from MEVP, G42, Bessemer, and e&
    Summary: AppliedAI has closed a $55 million oversubscribed Series A round with participation from Middle East Venture Partners (MEVP), G42, Bessemer Venture Partners, and strategic partner e&. Founded in 2021 in the UK by Arya H. Bolurfrushan and relocated to Abu Dhabi in 2022, AppliedAI builds automation tools for highly regulated sectors such as healthcare, financial services, and government. Its enterprise-grade platform, Opus, is powered by a Large Work Model (LWM) and a proprietary Work Knowledge Graph (WKG), designed to handle complex workflows with precision and scale.

  • OpenAI designs rival to Office and Workspace, The Information reports
    Summary: OpenAI is developing productivity features for ChatGPT that would position the company as a competitor to Google Workspace and Microsoft Office, according to a report from The Information. These new tools align with CEO Sam Altman’s vision of transforming ChatGPT into a lifelong personal assistant, including at work. This development comes at a sensitive time in OpenAI’s relationship with Microsoft, which holds approximately 49% stake in OpenAI’s for-profit unit.


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Ahmad Takatkah
Next

VC React Podcast (E40): Exclusive: Stryde Acquires Qora71, AI-Native Sales, Labubu, Arabs at Cannes.