Dubai’s ride-hailing firm Careem targets first profit by 2018

Ride-hailing service Careem is targeting profitability next year or in 2018 and is in talks with potential investors about its latest fundraising plans, co-founder Mudassir Sheikha told Reuters on Tuesday.

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Ride-hailing service Careem is targeting profitability next year or in 2018 and is in talks with potential investors about its latest fundraising plans, co-founder Mudassir Sheikha told Reuters on Tuesday.

The company, which has a larger market share than rival Uber in most of the 32 cities in the Middle East, North Africa and Pakistan region in which it operates, aims to expand in new markets including Oman and a number of North African countries, Sheikha said.

Launched in Dubai in 2012 by Sheikha and fellow McKinsey & Co alumni Magnus Olsson, Careem has a fleet of 90,000-plus drivers and more than four million users registered through its mobile app but has yet to make a profit.

“This type of business requires a fair amount of investment to break even,” Sheikha said. “We are looking at next year or the year after for profitability.” More info

By Reuters  www.aarabianbusiness.com

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