Careem Company Research Report

Company Overview

Name: Careem

Mission of the Company: Careem's mission is to simplify and improve the lives of people and build an awesome organization that inspires. The company aims to build ‘the everything app’ for the greater Middle East, making it easier to move, order food and groceries, and manage payments, among other services.

Founded: Careem was founded in 2012.

Founders: Mudassir Sheikha, Magnus Olsson, and Abdullah Elyas joined as a co-founder in 2013.

Key People:

Mudassir Sheikha, Co-founder and CEO

Magnus Olsson, Co-founder and Chief Product Architect

Abdullah Elyas, Co-founder

Headquarters: Dubai, UAE

Number of Employees: Careem has hired over 12,000 colleagues.

Revenue: No information is available.

What is the Company Known For: Careem is known for being the biggest tech startup success story in the Middle East, North Africa, and Pakistan (MENAP) region. It is recognized for providing ride-hailing services and was sold to Uber in 2020 for $3.1 billion.

Products

Core Services Offered by Careem

1. Go

Rides: Provide transportation services.

Taxi: Easy booking of taxi services.

Bike: An affordable bike service.

CarRental: Rent a car through the app.

SchoolRides: Offer safe and reliable rides for school children.

2. Eat

Food: Order food delivery from a variety of restaurants.

DineOut: Enjoy dining offers at partner restaurants.

3. Get

Quik Groceries: Rapid delivery of groceries.

Quik Electronics: Fast delivery of electronic products.

Supermarkets, Delivery: Delivery options for varied supermarket goods.

HomeCleaning: Book home cleaning services.

Salon & Spa: On-demand beauty and wellness services.

Tickets: Purchase tickets for events and shows.

Laundry: Convenient laundry service booking.

Flowers and Pharmacy: Order flowers and pharmacy goods delivery.

4. Pay

Pay: Management of payments, facilitating cashless transactions.

Donations: Donate to various causes and track the impact.

Send Money: Transfer funds through the platform.

Key Features of Products

Super App Integration: A unified platform for various services including rides, food, groceries, and payments.

Diverse Service Offering: An extensive range of on-demand services for day-to-day convenience.

Tech-Driven Solutions: Incorporates advanced technology such as AI to improve service delivery.

Recent Developments

Acquisition and Investments:

In 2019, Careem was acquired by Uber for $3.1 billion USD.

In 2024, a strategic $400 million investment was made by e&, aimed at scaling the Careem Super App.

New Products and Features:

Launch of the "Right Click" product in 2024 to bolster social impact efforts.

Introduction of a new Bike benefit which customers can avail.

Technology Advancements:

Implementation of AI to enhance the Careem app services.

Use of facial recognition to detect and eliminate duplicate Captain accounts.

Academic and Industry Collaboration:

Partnership with Lahore University of Management Sciences (LUMS) to address regional problems.

Hosting Stanford Business School students to exchange knowledge on entrepreneurship and growth.

Social Responsibility:

Donation initiatives, including significant fundraising during Ramadan for charity partners.

Collaboration with strategic partners to provide Ramadan Iftar meals to communities in the UAE and Jordan.

Recognition:

Careem co-founder Mudassir Sheikha was awarded Stanford Business School’s first “MENA Entrepreneur of the Year” award.

Conclusion

This report outlines Careem’s significant impact as a pivotal player in the MENAP region's technology and transportation sectors. With strategic partnerships and an array of diverse services, Careem continues to grow and innovate, cementing its position as a leading super app.

careem