Mudassir Sheikha left McKinsey to co-found Careem in 2012, putting in $50,000 of his own money. Seven years later, Uber agreed to acquire the company for $3.1 billion.
When Mudassir Sheikha and Magnus Olsson launched Careem in Dubaiin 2012, it was a basic booking website. The founders manually called drivers — known at Careem as Captains — to arrange trips.
They had each invested $50,000 of their own money. As Careem expanded across the Middle East, Sheikha says the company repeatedly came close to running out of cash.
Seven years after launch, Uber agreed to acquire Careem in a deal valued at $3.1 billion. The acquisition closed in 2020, shortly before the Covid pandemic sent Careem’s business down 90%, according to Sheikha.
Today, Careem spans ride-hailing, food and grocery delivery, payments and other everyday services. Uber owns Careem’s ride-hailing business, while Careem Technologies — backed by Uber, Abu Dhabi-based e& and Careem’s founders — houses the rest of the app.
Watch the video above to learn how Sheikha built Careem, why the company sold to Uber and what comes next.
About The Author
