Careem

Careem

Careem is a multinational transportation network company.

In March 2019, it was announced that Uber would purchase Careem for $3.1b.

Timeline

March 2019

Uber buys Careem for $3.1 billion.

Funding rounds

Funding round
Funding type
Funding round amount (USD)
Funding round date
Investment
Careem funding round, June 2017
150,000,000
June 2017
1,700,000
September 9, 2013
2 Results
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People

Name
Role
LinkedIn

Abdulla Elyas

Co-Founder

Magnus Olsson

Co-Founder

Mudassir Sheikha

Co-Founder

Further reading

Title
Author
Link
Type
Date

Documentaries, videos and podcasts

Title
Date
Link

Companies

Company
CEO
Location
Products/Services

News

Title
Author
Date
Publisher
Description
Kirsten Korosec
May 4, 2020
TechCrunch
Careem, the Dubai-based ride-hailing and delivery company that was acquired by Uber last year, is cutting its workforce by 31% and suspending its mass transportation business due to affects from the COVID-19 pandemic. The layoffs will affect more than 530 employees. Employees who are laid off will receive at least three months severance pay, one [...]
Reuters Editorial
May 4, 2020
U.S.
Uber Technologies' Careem subsidiary said on Monday it was cutting 536 jobs this week, representing 31% of the Dubai-headquartered company's workforce.
Reuters Editorial
May 4, 2020
IN
Uber Technologies subsidiary Careem on Monday said it would lay off 536 employees this week, representing 31% of its workforce.
Reuters Editorial
May 4, 2020
U.S.
Uber said on Monday it was closing down its Uber Eats operations in eight markets because they did not offer a clear route to becoming the number one or number two online food delivery operator, its stated aim for its Eats business.
Adrian Potoroaca
December 30, 2019
TechSpot
Uber may have lost its license to operate in London due to safety concerns, but the company is still quickly expanding in other regions like the Middle East, as it hopes to become profitable by 2021.
Reuters Editorial
December 29, 2019
U.S.
The Egyptian Competition Authority (ECA) said on Sunday it had approved ride-hailing group Uber's acquisition of former regional rival Careem after the regulator agreed to a set of commitments proposed by the U.S.-based service.
Yousef Saba
November 6, 2019
U.S.
Competition in Egypt's ride-hailing and tech-enabled transport market is heating up as rivals from global giant Uber to smaller local firms vie for a slice of the Middle East's largest market.
Patrick McGee
September 12, 2019
Financial Times
Reuters Editorial
June 18, 2019
U.S.
Uber and Middle East ride-hailing business Careem will remain separate entities until at least the first quarter of 2020, when Uber's acquisition is expected to close, Careem's CFO said on Tuesday.
Stephen Kalin
March 29, 2019
U.S.
Saudi Arabian investment firm Kingdom Holding will put the proceeds from the sale of its stake in ride-hailing startup Careem toward $600 million in investments in the kingdom and Europe, its chief executive told Reuters on Friday.
Natasha Lomas
March 26, 2019
TechCrunch
After months and months of rumors it's finally been confirmed that ride-hailing giant Uber is picking up its Middle East rival Careem in an acquisition deal worth $3.1 billion -- with $1.7BN to be paid in convertible notes and $1.4BN in cash. Careem was founded as a ride-hailing rival to...
By KATE CONGER
March 26, 2019
www.nytimes.com
The $3.1 billion deal, a break from Uber's approach in some other regions, will give the ride-hailing company a strong foothold in the area ahead of its expected public offering.
Heather Somerville
March 26, 2019
U.S.
Global ride-hailing firm Uber Technologies Inc will spend $3.1 billion to acquire Middle East rival Careem, buying dominance in a competitive region ahead of a hotly anticipated initial public offering.
Reuters Editorial
March 26, 2019
U.S.
Saudi Technology Ventures (STV) said on Tuesday Uber's deal with Careem will help the Middle East ride hailing firm expand its customer base even further and continue to develop the regional economy.
Reuters Editorial
Invalid Date
U.S.
Egypt's top administrative court on Saturday lifted a ban on operations by ride-hailing companies Uber and Careem, which have faced fierce opposition from traditional taxi drivers, a judicial source and lawyer said.
Alexander Cornwell
Invalid Date
DealStreetAsia
Careem launched a delivery service covering everything from takeaway food to pharmaceuticals on Monday, diversifying from its core Middle East ride-hailing business and increasing competition with rival Uber Technologies.
Reuters Editorial
Invalid Date
U.S.
Middle East ride-hailing company Careem said on Monday it had launched a bus-booking service in Egypt and would soon expand it into Saudi Arabia and Pakistan.

References

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