Careem becomes first Middle-East startup to attain $1 billion valuation

LAHORE: Careem has become the first Middle East startup to achieve the $1 billion or a unicorn valuation, highlighting its ascendancy in the region.

It was founded in 2012 by Mudassir Sheikha and Magnus Olsson – Careem started in Dubai and has since grown to 22 cities across the Middle East, North Africa and Asia. Its Pakistan operations commenced in late-October 2015 and expanded into offering rickshaw and motorcycle services recently.

Also Profit reported in October about Careem’s acquisition of Delivery ChaCha, an on-demand delivery service for customers for an undisclosed amount.

This is testimony to flourishing of gig economy in the Middle East having population of over 350 million people and smartphone penetration expected to reach 70 per-cent in two years, reported Bloomberg.

Article continues after this advertisement

Careem received backing from Saudi billionaire Prince Al-Waleed bin Talal and Daimler AG recently, which catapulted it into becoming the Middle’s East only unicorn with worth over $1 billion.

The future seems to be rosy for ride-hailing startups and Pakistan is amongst those nations gaining traction from investors in the country’s thriving startup ecosystem.

- Advertisement -
Mohammad Farooq
The author is an Assistant News Editor at Profit by Pakistan Today. His works have been published in Dawn, Express Tribune, LiveMint India, Huffingtonpost India and The News on Sunday. He tweets @MohammadFarooq_
- Advertisement -

Must Read

Automobile prices rise as manufacturers pass on FED to consumers

KARACHI: Automobile manufacturers have increased prices by up to Rs493,000 after an increase in the Federal Excise Duty (FED) as per the Finance (Supplementary)...