Overview

Careem provides a variety of services aimed at simplifying everyday life for individuals and small businesses in the Middle East, North Africa, and South Asia. Its main offerings include ride-hailing, food delivery, and digital payment solutions, all accessible through a single app. Users can book rides, order food from local restaurants, and make digital payments, while Careem earns revenue through commissions, delivery fees, and transaction charges. What sets Careem apart from its competitors is its comprehensive platform that addresses multiple needs, fostering customer loyalty and engagement. Additionally, Careem empowers over a million individuals to earn income by becoming drivers, known as Captains and Captinahs, contributing positively to the local economy. The company's goal is to leverage technology to provide convenient solutions for daily needs while enhancing its reputation through social responsibility.

Simplify's Take

What believers are saying

• Uber's exit from Pakistan allows Careem to capture a larger ride-hailing market share.
• Careem's in-app donation feature enhances brand loyalty and customer engagement.
• Growing demand for contactless payments boosts Careem Pay's growth in the MENA region.

What critics are saying

• Local competitors like Swvl and Yassir threaten Careem's market share in the Middle East.
• Regulatory challenges in South Asia could impact Careem Pay's digital payment operations.
• Rising operational costs in food delivery may affect Careem's profitability.

What makes Careem unique

• Careem offers a multifaceted platform with ride-hailing, food delivery, and digital payments.
• Partnerships with vertical farms like Bustanica enhance Careem's grocery delivery value proposition.
• Careem Pay's remittance services cater to the significant expatriate population in the UAE.

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Funding

Total Funding

$3873.4M

Above

Industry Average

Funded Over

7 Rounds

Notable Investors:

Coatue Management

Notable Investors:

Coatue Management

$3,100,000,000

Acquisition

Mar 2019

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