LAHORE: On Monday, Emirates Telecommunications Group Company (also known as etisalat by e&) announced its decision to acquire a $400 million stake in the Super App developed by Uber Technologies and its subsidiary Careem. This move will make e& a majority shareholder in Careem’s Super App, alongside Uber and Careem’s three co-founders.
“By welcoming e& as an investor alongside Uber, Careem now has the backing of one of the region’s largest telecoms companies and technology investors, allowing us to massively scale our services, realise our vision of becoming the leading Super App in the region and deliver even more impact in our customers’ lives. In time, this new relationship has the potential to help Careem extend our reach far beyond our current customer base and geographical footprint to build the preeminent technology platform of our region,” says Nuzair A. Virani, Senior Communications Manager at Careem.
“In Pakistan, Careem’s collaboration with Uber on tech and infrastructure will continue to be powerful drivers for our ride-hailing business. Careem Rides will become the unrivalled leader of mobility in the region, enhancing customer experience further and raising the standard of mobility in the region. We will innovate our ride-hailing product to new levels, acquire new customers and Captains, and provide the Careem Super App with a critical foundation for success,” Virani continues.
What is a ‘Super App’?
A Super App is a mobile or web application that provides multiple services, effectively becoming an all-encompassing self-contained commerce and communication online platform. These services can range from food delivery and financial services to transportation and shopping. The idea behind a Super App is to provide customers with a one-stop-shop for all their needs, making it more convenient for them to access multiple services without having to switch between different apps.
Careem’s Super App offers a dozen services such as food and grocery delivery, remittances, and third-party services like laundry.
The not so ‘Super’ Careem app currently in Pakistan
There are a number of features that the Careem in Pakistan currently lacks in terms of its ‘Super’ counterparts abroad. The notable features that the Pakistani iteration of Careem lacks in comparison to its counterparts include food delivery, Careem’s Quik grocery, its cleaning services, the ability to pay bills, and its Careem Plus service.
Should Pakistanis pay more attention to their Careem app this year?
Virani’s words leave much to the imagination as he mentions how this injection by e& will lead to possible material improvements across the geographies that Careem does operate. He highlights how the Super App is likely to become more of a reality consequently, but carefully avoids mentioning anything beyond Careem’s ride hailing operations in Pakistan.
“Careem is moving away from just being a ride hailing business. Raising 400mn in a rising interest rate environment is no small achievement,” says Yousuf M.Farooq, Director of Research at Topline Securities. “Lets see what they do with the superapp, rates are rising and investors will demand profitability,” Farooq adds.
