Founder and CEO of Careem , Mudassar Skeikha says that they are thinking about IPO and acquisition in the near future. The service which mostly operates in Middle east and currently valued at 1 billion $ is a direct rival of Uber in these countries, “An IPO is one of several options for an exit or liquidation,” Sheikha said in an interview. Asked if 2019 was a target date, he said “it is hard to predict.”.
Careem operates from Egypt to Pakistan and is planning to enter second tier cities in Pakistan , Egypt and Saudia Arabia. The Dubai based ride company said it had raised 350 Million $ from a Japanese company Rakuten Inc and Saudi Telecom. Careem said it has plans to enter three to four new countries in the coming year, The countries include Algeria and Tunisia.
The company was founded by three people including Mudassir Sheikha , Magnus Olsson & Abdullah Elyas in 2012. At present the ride hailing company is present in 47 cities spread across 11 countries , It has 150,000 drivers and over 6 Million users at present.“We are open to it if we find companies that accelerate that (growth) path,” Sheikha said without being more specific.