FRANKLYWNOW - Careem

Careem

Posted: May 16, 2018 11:14 AM Updated:
Silver Spring, Maryland -

Careem is a transportation network company based in Dubai, with operations in 80 cities in 13 countries in the Middle EastNorth Africa, and South Asia. The company is valued at around $1.2 billion as of 2017.[1]

History

Careem was co-founded by Mudassir Sheikha and Magnus Olsson, who had both worked as management consultants at McKinsey & Company [2] It started operating in July 2012 as a website-based service for corporate car bookings, and evolved to become a transportation network company with car hire for everyday use.[3]

In 2015, the company acquired a Saudi-based home delivery service company and the founder, Abdulla Elyas joined Careem.[4] In 2017, the company announced a program to extend maternity leave and hire more women.[5]

 

Funding

Careem has raised funding of US$421.7 million to date.[citation needed] It received seed money of US$1.7 million in a round led by STC Ventures in 2013. In 2014, it received funding of US$10 million in a Series B round led by Al Tayyar Travel Group and STC Ventures.

In November 2015, Careem announced a Series C round investment of US$60 million led by The Abraaj Group.[6][7][8] In October 2016, the company reached an agreement with regulators in Dubai whereby customers are able to book all taxicabs and limousines operating in Dubai via the Careem mobile app.[9] In December 2016, the company raised US$350 million in a Series D round, based on a $1 billion valuation for the company.[10] Saudi Telecom in this funding round invested in a 10% stake in Careem.[11]

Women

In Pakistan, Careem employs women drivers, and 30 percent of its riders are women. Women are also employed as drivers in Egypt and Jordan.[1] In Saudi Arabia, women make up 80 percent of ride-hailing companies' customers.[11] Careem is planning to have a female workforce of 20,000 by the year 2020.[12]In Saudi Arabia, Careem and Uber have started recruiting women, as part of the Saudi Women to drive movement. Women are going to start driving on 24 June 2018, and Uber and Careem women drivers can start working on the same day.[13]

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