tech

Careem’s founders put in $100,000. Seven years later, Uber bought it for $3.1 billion

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.

Careem’s founders put in $100,000. Seven years later, Uber bought it for $3.1 billion

TL;DR

  • Mudassir Sheikha co-founded Careem in 2012 after leaving McKinsey.
  • The initial investment from Sheikha and co-founder Magnus Olsson was $50,000 each.
  • Careem started as a basic booking website where founders manually arranged trips.
  • The company expanded across the Middle East and faced financial challenges.
  • Uber acquired Careem for $3.1 billion in a deal that closed in 2020.
  • The Covid pandemic caused a 90% drop in Careem's business.
  • Careem now offers ride-hailing, food and grocery delivery, payments, and other services.
  • Uber owns Careem's ride-hailing business, while Careem Technologies handles other services.