Careem: the transport network company based in Dubai

Careem‘s logo

Careem is a transport network startup based in Dubai, founded in 2012 by Mudassir Sheikha. The company started to operate as a website-based service for corporate car bookings, and evolved to become a transportation network company with car hire for everyday use. As previously said, Careem is actually based in the capital of the Emirates, and it is operating in 100 cities in 14 countries in the Middle East, Africa and South Asia.

Funding

Careem got different investments since the beginning of its business journey. This classifies the startup as a great opportunity for investors all around the world to bet on it. Careem has raised funding of US$421.7 million to date. It received seed money of US$1.7 million in a round led by STC Ventures in 2013, and in 2014 received funding of US$10 million in a Series B round led by Al Tayyar Travel Group and STC Ventures. In 2015 it also received a Series C round investment of US$60 million led by The Abraaj Group. Furthermore, In the year 2016 the company raised US$350 million in a Series D round investment, and the last year it was acquired by Uber for $3.1 billion of dollars.

Careem features

  • Real time journey: you can see your journey in real time and check where you exactly are. It is also possible to share your current position with your friends and family who are waiting for you.
  • Booking: you can schedule a meeting even for future dates like the pick up to the airport and so on. In this way you’ll be able to ensure to arrive on time where and when you planned.
  • Easy way to #BeCareem: you have also the option to tip your captain after 4-5 stars, so that you’ll be able to leave a tip without leaving the app.

Before talking about the acquisition done by Uber, let’s watch a presentation of the startup of its founder, Mudassir Sheikha.

In the video above Mudassir Sheikha presents Careem

Uber acquires Careem for $3.1 billion

On March 26, 2019, Uber announced to acquire Careem for $3.1 billion, with a combination of $1.4 billion paid by cash and $1.7 billion paid in convertible notes. The Arabian startup will become a wholly owned subsidiary of Uber, operating independently with its own brand and services. The CEO of the company, Mudassir, will continue to implement his role and his power inside Careem, and at the same time it will be retained the name, the app and the brand that all the customers love.

To see the benefits of the acquisition from customers and drivers side, just check it on the official website of the startup at the following link: https://www.careem.com/en-ae/.