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Business Recorder
4 days ago
- Business
- Business Recorder
Careem's exit from Pakistan's ride-hailing market
In June 2025 Careem, the Dubai-based ride-hailing pioneer (now part of Uber), announced it would suspend its Pakistan operations on July 18 after nearly a decade in business. In a LinkedIn post Careem CEO Mudassir Sheikha called it 'an incredibly difficult decision,' attributing the withdrawal to 'the challenging macroeconomic reality, intensifying competition, and global capital allocation' that made it impossible 'to justify the investment levels required to deliver a safe and dependable service'. Careem's exit marks the end of an era for Pakistan's ride-hailing scene. The company – which helped introduce app-based booking, cashless payment and women's mobility to Pakistani cities – said it would continue other tech activities (including development of its regional 'Everything App') out of Pakistan. Nonetheless, the core taxi service itself is being wound down, underscoring deep strategic, operational, and economic headwinds in this market. Strategic and Operational Challenges in Pakistan From its launch in October 2015, Careem led Pakistan's nascent ride-hailing industry. It grew to over 12.5 million users and some 820,000 drivers in Pakistan before exiting. It offered a range of services (standard, premium, flexi bidding) and in-ride safety features, and even 24/7 helplines – at considerable cost. But over the last few years this position proved increasingly untenable. On the cost side, Careem repeatedly cited volatile fuel prices as a major constraint. Its local management noted that 'fluctuating fuel prices posed difficulties in adjusting fares to remain affordable for customers while ensuring fair payouts for captains'. Worsening that problem, Pakistan's road infrastructure is notoriously uneven: many highways and city streets are in poor condition, driving up vehicle wear-and-tear and maintenance costs. These factors squeezed Careem's margins. At the same time the company faced increased regulatory compliance costs. From its start, Careem had to work with authorities to legalize a new service model – as one spokesperson put it, being pioneers meant 'introducing the concept of ride-hailing in an unaccustomed market and navigating regulatory hurdles'. The industry even asked the government for special Standard Operating Procedures, fair taxation, and clearer rules for digital platform transportation. In this tough environment, scaling sustainably required constant adjustments (for example, Careem introduced a bid-based 'Flexi' pricing mode like its competitors, backed by shorter drives and dynamic demand models). But even those efforts could not fully offset the rising input costs and compliance challenges. Intensifying Competition Careem's exit also reflected a fierce competitive landscape. Over the last two years several new players have gained ground. The Russian-backed app Yango and the Latin American firm InDrive aggressively expanded in Karachi, Lahore and Islamabad, attracting price-sensitive riders with low fares and flexible bidding features. InDrive reports 26% year-on-year growth in rides and a 25% jump in active users in Pakistan during 2024, crediting its 'fair price' negotiated-fare model for winning market share. Careem introduced similar bidding mechanics, but even then analysis found Yango often had the cheapest promotional fares, making Careem relatively more expensive. Likewise, domestic start-ups filled niches: Bykea's motorbike-taxi network now handles millions of monthly rides in major cities, and even launched some four-wheel services. The upshot is that never-strong margins in emerging markets were squeezed even further. As the Economic Times noted, Ride-hailing giants worldwide (Uber, Lyft, Grab) have been 'exiting unprofitable markets, narrowing focus or pivoting to delivery' as 'rising costs, regulation, and thin margins in emerging markets' bite. Pakistan is no exception. One can also point to Uber's strategy shift as precedent. In late 2022, Uber announced it would cease its own app in five Pakistani cities (leaving only Lahore on its platform) and redirect users to Careem, its 2019 acquisition. Effectively Uber conceded to Careem in those markets. Uber said the change (announced amid a national economic crisis) was aimed at 'minimizing impact' on drivers and riders, as Pakistan grappled with floods and financial turmoil. Careem at the time became the sole on-demand transport platform for many customers. Yet even that consolidated position proved insufficient as new rivals eroded share. Reuters reports that 'newer entrants such as Russia-backed Yango and Latin America's inDrive have expanded in major cities, offering low-cost models,' coinciding with Careem's pullback. Economic and Macro Constraints Beyond competition, Pakistan's macro-economy has been exceptionally unforgiving. Since 2022 the country has endured a currency collapse, brutal inflation and dwindling investor confidence – creating an environment hostile to loss-making platform businesses. The Economic Times and Dawn both document that between 2022 and early 2024 Pakistani inflation surged to around 38% (far above the 5–10% typical range), before moderating in 2025. Consumer demand correspondingly fell; luxury or discretionary expenditures like ride-hailing softened as households grappled with high living costs. Venture funding for tech startups also dried up during the global and local downturn. Many local startups – including Airlift (hyperlocal delivery), Swvl (bus service), VavaCars (used cars) and Truck It In (logistics) – have already shut down or scaled back under the strain. As one analysis put it, Pakistan's digital economy has been 'under pressure' by record inflation and weak consumption. Careem's leaders explicitly cited this tough finance backdrop. The CEO noted that global capital flows into frontier markets have tightened, making it hard to justify further investment in a low-return project. In plain terms, pouring money to subsidize rides became untenable when both currency and income levels were unstable. Rising fuel costs (Pakistan imports much of its oil) and interest rates further squeezed margins. Industry participants like Bykea's founder even lamented that their $30 million in startup funding was a 'fraction of what was spent on the Islamabad metro bus project,' arguing that 'crowd-sourced mobility solutions' deserve more policy support than capital-intensive infrastructure. Careem's trajectory underlines this point: success depended not only on technology and service, but on macroeconomic stability and accessible capital. The business environment was complicated by Pakistan's regulatory landscape. While app-based taxi services offered clear safety and convenience advantages (real-time tracking, vetted drivers, cashless payment), they initially clashed with legacy taxi laws. Ride-hailing firms have long lobbied for fair taxation and clear rules. For example, industry associations urged the government for 'standard practices, reasonable taxation, and fair competition', arguing that these would encourage growth. Careem itself highlighted that its platform delivered 'significant public goods: digital infrastructure, trust, regulation, capability, [and] confidence,' building a foundation for future ventures. But persistent regulatory uncertainty and sometimes retroactive policy moves (like attempts to apply heavy levies on app operators) have weighed on long-term planning. Thus even after nearly $4?billion in payouts to Pakistani drivers (with $500?million of that in Pakistan), Careem could not secure the policy tailwinds needed for profitability. Comparative Market Context Careem's difficulties in Pakistan contrast with its broader success in other markets. The app remains a leading platform across the Gulf and North Africa: today Careem operates in 70+ cities across about 10 countries (the UAE, Saudi Arabia, Egypt, etc.). In the UAE (its birthplace) Careem coexists with Uber, typically weathering economic shifts better than in Pakistan. And in Egypt – a 100-million-person market – Careem competes closely with Uber and local apps, suggesting huge latent demand. Indeed, a 2019 Reuters report noted that in Egypt the 'biggest players are Careem and Uber,' and ride-hailing is seen as still in a growth phase thanks to underdeveloped public transport. By comparison, Pakistan's market is smaller and more brittle: fewer overall riders per capita, and far more severe currency and inflation cycles. This helps explain why Uber (Careem's owner) maintained investment in the UAE and Egypt, even as it withdrew from Pakistan. Notably, Careem had no substantial India presence, where Uber and domestic Ola dominate; that means Careem had little cushion from nearby South Asian markets. Regional competitors' experiences in Pakistan also illuminate the challenges. Global rideshare operators often rationalize out of markets where profits prove elusive. For instance, Uber's Middle Eastern arm recently exited markets like Algeria and Tunisia for similar reasons of low margins. InDrive, for its part, is doubling down on Pakistan, reporting double-digit growth – but even it acknowledges hurdles. inDrive Pakistan's PR lead noted that like others, they face 'regulatory hurdles, infrastructure limitations, and ensuring driver and passenger safety,' and have rolled out special insurance and driver support centers to cope. Yango (a less well-known app) has reportedly engaged in deep discounting and even currency manipulation to gain riders, raising questions about sustainability. All these firms are learning that high operating costs and macro headwinds can swamp rapid growth. Implications for Pakistan's Tech Ecosystem Careem's exit sends a sobering message to Pakistan's startup community. It underscores that global capital retrenchment and local economic challenges can quickly scuttle even successful platforms. Investors and entrepreneurs see that market potential alone isn't enough: reliable macro policy, exchange-rate stability, and supportive regulation are also critical. Already, experts have argued that the startup sector needs more domestic investment buffers, disciplined growth models, and government tech-friendly policies to survive a 'startup winter'. Careem's leadership, for its part, tried to highlight a positive note: its Pakistan tech workforce (nearly 400 engineers) will continue building a regional 'super-app,' with plans to hire 100 more local graduates. This suggests Pakistan remains a source of talent and a base for regional fintech ambitions, even if the ride-hailing chapter closes for now. For policymakers, the episode offers lessons. Ride-sharing has demonstrably created jobs, improved transport options, and even nurtured digital payments usage (Sheikha noted Careem 'helped normalize digital payments' in Pakistan). Sustaining such gains may require more stable tax and regulatory frameworks and perhaps public–private collaboration on digital infrastructure. As one local CEO pointedly remarked, gig-economy firms in Pakistan have raised modest sums compared to government spending on ill-fitting transit projects; he urged a shift of investment toward 'crowd-sourced mobility solutions' that leverage technology to serve commuters more efficiently. In the end, Careem's Pakistan withdrawal is a cautionary tale about the limits of ride-hailing growth amid economic slowdown. It confirms that structural issues – inflation, fuel shocks, poor roads, limited consumer spending and funding – can overwhelm market-leader advantages. As Pakistan's digital economy matures, the hope is that regulators and entrepreneurs alike take these signals to heart: build sustainable models, seek steady funding, and push for an enabling policy environment. Only then can future tech ventures avoid the fate of Careem's ride-hailing arm in Pakistan. Copyright Business Recorder, 2025
Business Recorder
4 days ago
- Business
- Business Recorder
Careem's exit from ride-hailing market
In June 2025 Careem, the Dubai-based ride-hailing pioneer (now part of Uber), announced it would suspend its Pakistan operations on July 18 after nearly a decade in business. In a LinkedIn post Careem CEO Mudassir Sheikha called it 'an incredibly difficult decision,' attributing the withdrawal to 'the challenging macroeconomic reality, intensifying competition, and global capital allocation' that made it impossible 'to justify the investment levels required to deliver a safe and dependable service'. Careem's exit marks the end of an era for Pakistan's ride-hailing scene. The company – which helped introduce app-based booking, cashless payment and women's mobility to Pakistani cities – said it would continue other tech activities (including development of its regional 'Everything App') out of Pakistan. Nonetheless, the core taxi service itself is being wound down, underscoring deep strategic, operational, and economic headwinds in this market. Strategic and Operational Challenges in Pakistan From its launch in October 2015, Careem led Pakistan's nascent ride-hailing industry. It grew to over 12.5 million users and some 820,000 drivers in Pakistan before exiting. It offered a range of services (standard, premium, flexi bidding) and in-ride safety features, and even 24/7 helplines – at considerable cost. But over the last few years this position proved increasingly untenable. On the cost side, Careem repeatedly cited volatile fuel prices as a major constraint. Its local management noted that 'fluctuating fuel prices posed difficulties in adjusting fares to remain affordable for customers while ensuring fair payouts for captains'. Worsening that problem, Pakistan's road infrastructure is notoriously uneven: many highways and city streets are in poor condition, driving up vehicle wear-and-tear and maintenance costs. These factors squeezed Careem's margins. At the same time the company faced increased regulatory compliance costs. From its start, Careem had to work with authorities to legalize a new service model – as one spokesperson put it, being pioneers meant 'introducing the concept of ride-hailing in an unaccustomed market and navigating regulatory hurdles'. The industry even asked the government for special Standard Operating Procedures, fair taxation, and clearer rules for digital platform transportation. In this tough environment, scaling sustainably required constant adjustments (for example, Careem introduced a bid-based 'Flexi' pricing mode like its competitors, backed by shorter drives and dynamic demand models). But even those efforts could not fully offset the rising input costs and compliance challenges. Intensifying Competition Careem's exit also reflected a fierce competitive landscape. Over the last two years several new players have gained ground. The Russian-backed app Yango and the Latin American firm InDrive aggressively expanded in Karachi, Lahore and Islamabad, attracting price-sensitive riders with low fares and flexible bidding features. InDrive reports 26% year-on-year growth in rides and a 25% jump in active users in Pakistan during 2024, crediting its 'fair price' negotiated-fare model for winning market share. Careem introduced similar bidding mechanics, but even then analysis found Yango often had the cheapest promotional fares, making Careem relatively more expensive. Likewise, domestic start-ups filled niches: Bykea's motorbike-taxi network now handles millions of monthly rides in major cities, and even launched some four-wheel services. The upshot is that never-strong margins in emerging markets were squeezed even further. As the Economic Times noted, Ride-hailing giants worldwide (Uber, Lyft, Grab) have been 'exiting unprofitable markets, narrowing focus or pivoting to delivery' as 'rising costs, regulation, and thin margins in emerging markets' bite. Pakistan is no exception. One can also point to Uber's strategy shift as precedent. In late 2022, Uber announced it would cease its own app in five Pakistani cities (leaving only Lahore on its platform) and redirect users to Careem, its 2019 acquisition. Effectively Uber conceded to Careem in those markets. Uber said the change (announced amid a national economic crisis) was aimed at 'minimizing impact' on drivers and riders, as Pakistan grappled with floods and financial turmoil. Careem at the time became the sole on-demand transport platform for many customers. Yet even that consolidated position proved insufficient as new rivals eroded share. Reuters reports that 'newer entrants such as Russia-backed Yango and Latin America's inDrive have expanded in major cities, offering low-cost models,' coinciding with Careem's pullback. Economic and Macro Constraints Beyond competition, Pakistan's macro-economy has been exceptionally unforgiving. Since 2022 the country has endured a currency collapse, brutal inflation and dwindling investor confidence – creating an environment hostile to loss-making platform businesses. The Economic Times and Dawn both document that between 2022 and early 2024 Pakistani inflation surged to around 38% (far above the 5–10% typical range), before moderating in 2025. Consumer demand correspondingly fell; luxury or discretionary expenditures like ride-hailing softened as households grappled with high living costs. Venture funding for tech startups also dried up during the global and local downturn. Many local startups – including Airlift (hyperlocal delivery), Swvl (bus service), VavaCars (used cars) and Truck It In (logistics) – have already shut down or scaled back under the strain. As one analysis put it, Pakistan's digital economy has been 'under pressure' by record inflation and weak consumption. Careem's leaders explicitly cited this tough finance backdrop. The CEO noted that global capital flows into frontier markets have tightened, making it hard to justify further investment in a low-return project. In plain terms, pouring money to subsidize rides became untenable when both currency and income levels were unstable. Rising fuel costs (Pakistan imports much of its oil) and interest rates further squeezed margins. Industry participants like Bykea's founder even lamented that their $30 million in startup funding was a 'fraction of what was spent on the Islamabad metro bus project,' arguing that 'crowd-sourced mobility solutions' deserve more policy support than capital-intensive infrastructure. Careem's trajectory underlines this point: success depended not only on technology and service, but on macroeconomic stability and accessible capital. The business environment was complicated by Pakistan's regulatory landscape. While app-based taxi services offered clear safety and convenience advantages (real-time tracking, vetted drivers, cashless payment), they initially clashed with legacy taxi laws. Ride-hailing firms have long lobbied for fair taxation and clear rules. For example, industry associations urged the government for 'standard practices, reasonable taxation, and fair competition', arguing that these would encourage growth. Careem itself highlighted that its platform delivered 'significant public goods: digital infrastructure, trust, regulation, capability, [and] confidence,' building a foundation for future ventures. But persistent regulatory uncertainty and sometimes retroactive policy moves (like attempts to apply heavy levies on app operators) have weighed on long-term planning. Thus even after nearly $4?billion in payouts to Pakistani drivers (with $500?million of that in Pakistan), Careem could not secure the policy tailwinds needed for profitability. Comparative Market Context Careem's difficulties in Pakistan contrast with its broader success in other markets. The app remains a leading platform across the Gulf and North Africa: today Careem operates in 70+ cities across about 10 countries (the UAE, Saudi Arabia, Egypt, etc.). In the UAE (its birthplace) Careem coexists with Uber, typically weathering economic shifts better than in Pakistan. And in Egypt – a 100-million-person market – Careem competes closely with Uber and local apps, suggesting huge latent demand. Indeed, a 2019 Reuters report noted that in Egypt the 'biggest players are Careem and Uber,' and ride-hailing is seen as still in a growth phase thanks to underdeveloped public transport. By comparison, Pakistan's market is smaller and more brittle: fewer overall riders per capita, and far more severe currency and inflation cycles. This helps explain why Uber (Careem's owner) maintained investment in the UAE and Egypt, even as it withdrew from Pakistan. Notably, Careem had no substantial India presence, where Uber and domestic Ola dominate; that means Careem had little cushion from nearby South Asian markets. Regional competitors' experiences in Pakistan also illuminate the challenges. Global rideshare operators often rationalize out of markets where profits prove elusive. For instance, Uber's Middle Eastern arm recently exited markets like Algeria and Tunisia for similar reasons of low margins. InDrive, for its part, is doubling down on Pakistan, reporting double-digit growth – but even it acknowledges hurdles. inDrive Pakistan's PR lead noted that like others, they face 'regulatory hurdles, infrastructure limitations, and ensuring driver and passenger safety,' and have rolled out special insurance and driver support centers to cope. Yango (a less well-known app) has reportedly engaged in deep discounting and even currency manipulation to gain riders, raising questions about sustainability. All these firms are learning that high operating costs and macro headwinds can swamp rapid growth. Implications for Pakistan's Tech Ecosystem Careem's exit sends a sobering message to Pakistan's startup community. It underscores that global capital retrenchment and local economic challenges can quickly scuttle even successful platforms. Investors and entrepreneurs see that market potential alone isn't enough: reliable macro policy, exchange-rate stability, and supportive regulation are also critical. Already, experts have argued that the startup sector needs more domestic investment buffers, disciplined growth models, and government tech-friendly policies to survive a 'startup winter'. Careem's leadership, for its part, tried to highlight a positive note: its Pakistan tech workforce (nearly 400 engineers) will continue building a regional 'super-app,' with plans to hire 100 more local graduates. This suggests Pakistan remains a source of talent and a base for regional fintech ambitions, even if the ride-hailing chapter closes for now. For policymakers, the episode offers lessons. Ride-sharing has demonstrably created jobs, improved transport options, and even nurtured digital payments usage (Sheikha noted Careem 'helped normalize digital payments' in Pakistan). Sustaining such gains may require more stable tax and regulatory frameworks and perhaps public–private collaboration on digital infrastructure. As one local CEO pointedly remarked, gig-economy firms in Pakistan have raised modest sums compared to government spending on ill-fitting transit projects; he urged a shift of investment toward 'crowd-sourced mobility solutions' that leverage technology to serve commuters more efficiently. In the end, Careem's Pakistan withdrawal is a cautionary tale about the limits of ride-hailing growth amid economic slowdown. It confirms that structural issues – inflation, fuel shocks, poor roads, limited consumer spending and funding – can overwhelm market-leader advantages. As Pakistan's digital economy matures, the hope is that regulators and entrepreneurs alike take these signals to heart: build sustainable models, seek steady funding, and push for an enabling policy environment. Only then can future tech ventures avoid the fate of Careem's ride-hailing arm in Pakistan. Copyright Business Recorder, 2025
Mid East Info
19-06-2025
- Business
- Mid East Info
In the Presence of H.E. Abdulla Bin Touq Al Marri MAJRA National CSR Fund signs MoU with Careem to support delivery captains during summer months
More than 60,000 delivery captains expected to benefit from mobile rest stations, hydration kits, and health checkups ● Initiatives open to all delivery captains in the UAE Dubai, UAE –June 2025: MAJRA National CSR Fund announces a signing of Memorandum of Understanding (MoU) with Careem, in the Presence of H.E. Abdulla bin Touq Al Marri, Minister of Economy and Chairman of Majra's Board of Trustees. The MoU aims to enhance joint cooperation in Careem's Annual Summer Initiatives to support delivery captains during the UAE's hottest months. This year's campaign expands to offer a broader range of support across Dubai, Abu Dhabi, Sharjah, and Ras Al Khaimah, benefitting over 60,000 delivery captains from different platforms. These initiatives include the deployment of air-conditioned mobile rest areas and sustainable, solar-powered rest stops. These stations are equipped with temperature control, free Wi-Fi, drinking water, and refreshments. Strategically placed across high-traffic locations, they offer captains a safe and comfortable place to pause and rehydrate during shifts. Mudassir Sheikha, CEO and co-founder of Careem, commented: 'Summer in the UAE is challenging for those on the road, especially delivery captains. Our summer initiatives were designed to provide tangible, on-the-ground support to make it easier and safer for captains to earn. This year we're proud to partner with MAJRA National CSR Fund to expand these benefits across the UAE.' Sarah Shaw, CEO of MAJRA National CSR Fund, said: 'The Annual Summer Initiatives is an exceptional campaign that will offer on-the-field support and ensure safety with distinguished services for over 60,000 delivery captains, who face numerous challenges during the hottest times in the summer season. Furthermore, the signing of the MoU with Careem is in line with the 'Year of Community' and is part of MAJRA's initiatives to promote all projects and campaigns that are launched across the UAE.' Careem is distributing Captain Kits – with towels, water bottles, and hydration supplements. In partnership with Pakistan Association Dubai (PAD), Careem will provide free on-ground health screenings at PAD premises throughout the summer. Captains will also benefit from added hydration and cooling services including free ice cream, fresh fruit juices, and cold water dispensers stationed across key delivery zones. About Careem: Careem is building 'the everything app' for the greater Middle East, making it easier than ever to move around, order food and groceries, manage payments, and more. Careem is led by a powerful purpose to simplify and improve the lives of people and build an awesome organisation that inspires. Since 2012, Careem has created earning opportunities for over 3.5 million captains, simplified the lives of over 75 million customers, and built a platform for the region's best talent to thrive and for entrepreneurs to scale their businesses. Careem operates in over 70 cities across 10 countries, from Morocco to Pakistan.
Hi Dubai
19-06-2025
- Business
- Hi Dubai
MAJRA National CSR Fund Signs MoU with Careem to Expand Summer Support for Delivery Captains
In a move to safeguard delivery captains during the UAE's scorching summer months, the MAJRA National CSR Fund has signed a Memorandum of Understanding with Careem to boost its annual summer support initiatives across four emirates. The agreement, formalized in the presence of Abdullah bin Touq Al Marri, Minister of Economy and Chairman of MAJRA's Board of Trustees, aims to enhance conditions for more than 60,000 delivery riders in Dubai, Abu Dhabi, Sharjah, and Ras Al Khaimah. This year's campaign will see a significant expansion in services, including mobile, air-conditioned rest stations and sustainable, solar-powered cooling hubs. These stops will provide free Wi-Fi, drinking water, and refreshments at high-traffic delivery zones. Careem CEO and co-founder Mudassir Sheikha emphasized the importance of the initiative, calling it 'tangible, on-the-ground support' designed to help captains work more safely and comfortably in extreme heat. In addition to rest areas, Careem is distributing 'Captain Kits' containing towels, water bottles, and hydration supplements. Through a partnership with the Pakistan Association Dubai, delivery captains will also receive free health screenings throughout the summer. MAJRA CEO Sarah Shaw said the initiative aligns with the UAE's 'Year of Community,' reinforcing MAJRA's commitment to supporting on-the-ground projects that promote welfare and resilience among frontline workers. News Source: Emirates News Agency
Business Recorder
19-06-2025
- Business
- Business Recorder
Careem to suspend decade-old Pakistan service
KARACHI: After more than a decade of operations, Careem announced on Wednesday that it will shut down its ride-hailing services in Pakistan, effective July 18. Mudassir Sheikha, CEO of Careem, announced the decision via a post on the professional networking platform LinkedIn. 'It is with a heavy heart that I share this update: Careem will suspend its ride-hailing service in Pakistan on July 18.' Sheikha described it as an incredibly difficult decision, citing a combination of factors- challenging macroeconomic reality, intensifying competition, and global capital allocation made it hard to justify the investment levels required to deliver a safe and dependable service in Pakistan. 'In the end, the Careem Rides team had to make this tough call.' Careem, a multinational ride-hailing company founded in 2012, entered the Pakistani market in October 2015. In 2019, it was acquired by Uber for $3.1 billion, solidifying its position as the largest unicorn in the Middle East and opening new avenues for startups across the region. Sheikha said that despite numerous challenges, Careem's Pakistan team remained brilliant and fearless-bold, determined, and driven by a mission to create millions of job opportunities for captains across the country. 'They (Careem Team) did not just build a service that millions of Pakistanis relied on to move and earn, they delivered significant public goods: digital infrastructure, trust, regulation, capability, confidence - all of which paved the way for countless local and global digital ventures to take root in Pakistan', he added. He said that while ride-hailing is sunsetting, Careem's journey in Pakistan continues in a different role. Careem Technologies (the spinout building the Everything App) will continue to build from Pakistan for the region. He mentioned that nearly 400 colleagues across all functions (including engineering) are building the Everything App and its ecosystem of verticals (food/ grocery delivery, payments, and more). This presence is only set to grow, with over 100 open roles and the expansion of our Falcon/ NextGen program that brings in top graduates from Pakistani universities and gives them hands-on training on building highly scalable systems, he added. 'Pakistan is in Careem's DNA-our first line of code was written here, and the country remains a rich source of innovation and talent for us. Our commitment to Pakistan remains strong and I sincerely hope to bring Careem's services back to the country in the future', CEO Careem said. He also paid tribute to those heroes who built Careem in Pakistan under the bold leadership of Junaid Iqbal. Setup in 2012, Careem operates in over 70 cities across 10 countries, from Morocco to Pakistan and creating earnings for over 2.5 million Captains. Copyright Business Recorder, 2025
