Careem: the $3.1 billion deal that put Pakistani founders on the map
Careem, co-founded by Pakistani entrepreneur Mudassir Sheikha, was bought by Uber for $3.1 billion in 2019, one of the region's biggest tech deals.
Careem is a ride-hailing and delivery company started in 2012 in Dubai. One of its co-founders, Mudassir Sheikha, is Pakistani.
Careem in numbers
- Founded: 2012, by Mudassir Sheikha and Magnus Olsson
- Pakistan: launched in Karachi and Lahore in 2016, later expanding to other cities
- The deal: in March 2019, Uber agreed to buy Careem for $3.1 billion
- Record: at the time, one of the largest tech acquisitions in the Middle East
Why it matters for Pakistan
Careem hired engineers and staff in Pakistan and showed that companies with Pakistani founders could grow to billion-dollar scale. Many people who worked there later started their own companies.
Related
Which Pakistani startup do you use every week? Tell us on Instagram.