Careem
Careem Logo as of 2016
|
|
| Private | |
| Industry | Technology, transportation network company |
| Founded | March 2012 |
| Founders | Mudassir Sheikha Magnus Olsson |
| Headquarters | Dubai, UAE |
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Area served
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Worldwide |
|
Key people
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Mudassir Sheikha Magnus Olsson Abdulla Elyas |
| Services | Taxicab, Vehicle for hire |
| Website | www |
Careem is a multinational transportation network company operating an app-based car booking service company based in Dubai.[1] Riders can make requests for immediate or later scheduled pick-ups through the Careem phone app.[2] As of March 2016, Careem is available in 11 countries and over 40[3] cities in the Middle East, North Africa and South Asia (MENASA) region.[4]
Origins[edit]
Careem was co-founded by Mudassir Sheikha and Magnus Olsson , who had both worked as management consultants at McKinsey & Company [5] and started operating in July 2012.[6]
It was started as a website-based service for corporate car bookings, and evolved to become an app targeting individuals looking to book a local car hire for everyday use. In 2014, the company merged with a Saudi-based home delivery service company and the founder, Abdulla Elyas joined Careem.[7]
Investment[edit]
Careem has secured funding of 421.7 million U.S. Dollars to date [8] with a start seed funding of 1.7 million U.S. Dollars in a round led by STC Ventures in 2013. This was followed over a year later with funding of 10 million U.S. Dollars led by Al Tayyar Travel Group and STC Ventures. In November 2015, Careem announced a Series C investment of US$60 million led by The Abraaj Group.[9][10][11]
Controversy and criticism[edit]
Along with its competitor Uber, Careem faced heavy criticism in Egypt at the beginning of 2016 by local taxi drivers for operating without official taxi licenses. Egypt’s “white taxi” drivers organized several protests and sit-ins (white taxis are the standard taxi service that operates in Cairo) demanding that the Egyptian government intervenes to halt the activities of the car-hailing services. Citing that the companies were operating illegally and bypassing rules and regulations that governed taxi services in Egypt, including the heavy cost of acquiring a taxi license, a committee was organized by the Egyptian government to assess the complaints of the protesting taxi drivers and standardize taxi services in Egypt. They ruled in favour of Careem and Uber, ensuring that they can operate legally and provide legal protection for the drivers who had been facing attacks by both state police and angry taxi drivers.[12][13][14][15]
References[edit]
- ^ "Saudi Employment Goals Get Lift from Uber, Careem". Voice of America. January 8, 2017. Retrieved January 28, 2017.
- ^ "Here's Why Uber Is Facing Pressure in Dubai". Fortune. October 4, 2016. Retrieved January 28, 2017.
- ^ "CAREEM Celebrates Spirit of Pakistan Day | Aaj News". Aaj.tv. 2016-03-24. Retrieved 2016-08-29.
- ^ "Dashroad launches with Careem, seeks to take on MENA". Wamda.com. Retrieved 2016-08-29.
- ^ "Meet Careem: The Uber of The Middle East". Retrieved 2016-10-07.
- ^ "Uber-clone vows safe, affordable ride. Should you Careem around Karachi, Lahore?". Dawn. February 15, 2016. Retrieved January 28, 2017.
- ^ "Careem acquires Saudi-based home delivery service Enwani". Retrieved 2016-10-07.
- ^ "Careem". Crunchbase. Retrieved 2016-10-07.
- ^ "The Abraaj Group: Careem raises US$ 60 million in new funding with The Abraaj Group as lead investor". Abraaj.com. Retrieved 2016-08-29.
- ^ Aby Sam Thomas (2015-02-24). "Careem: It's Full Speed Ahead For This Middle East Startup". Entrepreneur. Retrieved 2016-08-29.
- ^ "Car-hailing app Careem raises $60M Series C". Wamda.com. Retrieved 2016-08-29.
- ^ "Entrepreneurs of the Week: Magnus Olsson and Mudassir Sheikha - Careem - StartUp". ArabianBusiness.com. 2015-11-15. Retrieved 2016-08-29.
- ^ "Egyptian Government: Uber and Careem Will Stay in Egypt". Cairoscene.com. Retrieved 2016-08-29.
- ^ "Taxi drivers protest against Uber, other app-based car services". madamasr.com. 2016-02-04. Retrieved 2016-08-29.
- ^ "Egyptian taxi drivers start open-ended sit-in to demand Uber, Careem shutdown - Politics - Egypt - Ahram Online". English.ahram.org.eg. Retrieved 2016-08-29.
