• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
First Newspaper

First Newspaper

Daily News From Everywhere

  • International
  • Entertainment
  • Animals
  • Technology
  • Football
  • Cricket

Careem sold to Uber: Biggest IPOs in history of technology

March 26, 2019 by faiza khalid

Careem is Uber Now!

The technology world is a game changer to every single being that surge in it. The technology world has its own ups and downs with every single moment passed. At a second one idea gets the highest praise and buildup but the next second another opponent gets to the next level of that idea and steals all the charisma and attraction. Nobody stays at the peak of this industry for a long time.

careem is uber now

Whereas, outside of this technology world every human being is facilitated and comforted by the new gadgets and applications developed by the tech lords. Take the chain from receiving food at your doorsteps to travel from one part of the world to another in just a few hours. We all are swamped by these new techs. As to discuss the traveling we are knotted with luxuries of ride-hailing services at our doorsteps. These services are provided by many applications. Top of the list are:

  • Careem
  • Uber
  • Lyft
  • Bykea
  • GETT

And many more to come and generating their business in this area. Topmost Ride Hailing services are Careem and Uber with all the best fares and services. Stories of their clashes were always on the run as both of them had their reputations on stakes.

Uber- Transportation service Company

Company name Uber
Type Privately held Company
Industry Transportation network company
Founded March 2009
Founders Travis Kalanick & Garrett Camp
Net Worth $1.8 billion
Headquarters San Francisco, California, United States
Area Served Worldwide, 785 metropolitan areas

Uber was founded by Garrett camp in 2009 with the title of UberCab, a computer programmer and the co-founder of StumbleUpon, and Travis Kalanick, who had sold his Red Swoosh startup for $19 million in 2007 and working currently as CEO for Uber. Uber has the net worth of $1.8 billion with covering worldwide 785 metropolitan areas. This company was founded in San Francisco, California, the United States in March 2009.

History

Firstly hiring a private driver for the transportation camp thought it was costly with a value of $800. With that much amount, he thought of going cheaper and generate a direct transportation system for that he approached with the idea of sharing the cost with people will make it much easier. The first model was developed by Garrett Camp and his friends Oscar Salazar and Conrad Whelan, with Kalanick further working as a “mega advisor” to the company.

The company has many other services provided to the customer as a side product like UberX, UberPool, Uber Eat, and Self-driving Car research. Later on, self –driving car research got canceled due to some resources issues.

Criticism

Uber has faced many of the difficulties as towards its way to prosperity. Uber got to strike down from the taxi owners in Egypt and in San Francisco they faced the harsh time and had to change their name from UberCab to Uber as the Cab drivers of San Francisco thought that I had led their business down.

Good news to Uber

With all of that Uber has been facing the loss since 2016 and in 2018 census Uber reported a $1.8 billion loss. As still not getting that much profit it has covered the most areas worldwide and that has led to today’s News “Uber becomes the parent of Careem with 55% of shares worth of $3.1 billion.” $3.1 billion will consist of $1.7 billion in convertible notes and $1.4 billion in cash in hand.

Uber has successfully and proudly become the larger shareholder of Careem. Today this news broke the technology world in shook. Rumors have been there in the market but the confirmation was on this afternoon. With the words of CEO Dara Khosrowshahi’s in his email to the staff with subject Accelerating the middle-east he confirmed the news of buying Careem with the objective work independently and yet exposing the universe with innovative ideas. He added that the riders, bikers, and drivers in cities will get more exceptional outcomes. Uber has exit the China and Southeast Asia global market but with this deal, it will gain its position and get firm in Middle-East Asia.

Careem

Company name Careem
Type Privately held Company
Industry Transportation network company
Founded March 2012
Founders Mudassir Sheikha, Magnus Olsson and Abdulla Elyas
Net Worth Over $2 billion
Headquarters Dubai
Area Served 100+ cities in 40 countries of Middle-east, Africa and South Africa

Careem is a transportation network company founded in Dubai with over 100 cities in 40 countries of net worth over $2 billion in 2018 census. This company was co-founded by a Pakistani resident of Karachi named Mudassir Sheikha and Mangus Olsson. This firm was firstly website based service for car booking and hiring a car on a daily basis. It covers the land of Middle-East Asia, North Africa and from Morocco to Pakistan. The most revolutionary initiative was to launch service in Baghdad, Iraq, and Najaf.

History

Careem has also been a part with the advancement of the Women empowerment in Dubai and Saudi Arabia. When women were legally allowed to drive on 28th June 2018 Careem allowed its women staff to drive the cars on the same day. Careem has planned to launch a bus service in Egypt in different cities.

Criticism

All this was going on the smooth road and then January 2018, was the day when Careem discovered data on more than 14 million riders and 558,800 drivers were breached. The company delayed the news until late April 2018, to disclose this breach because they “wanted to make sure we had the most accurate information before notifying people.” Careem has also faced many protests against its services in Egypt by the local taxi drivers.

Careem got sold to Uber

Careem wanted to stand more firm in the industry and create innovative ideas and perceptions to gain that “It sold itself to Uber is worth $3.1 billion.” Some of the reasons were the breaches of personal data of users in the past, the protest issue in Egypt and less area coverage as compared to Uber.

Now All going with the flow. Careem is Uber Now!

careem is uber now

Filed Under: News Tagged With: Careem, Careem is Uber Now, Merger of careem and uber, Uber

Primary Sidebar

Ole Gunnar Solskjaer believes Manchester United doesn’t have any psychological problem

Ole Gunnar Solskjaer believes Manchester United doesn’t have any psychological problem

Antonio Cassano believes Paulo Dybala can’t handle pressure in the Juventus squad

Antonio Cassano believes Paulo Dybala can’t handle pressure in the Juventus squad

Jurgen Klopp is still not sure that Liverpool will sign any center-back

Jurgen Klopp is still not sure that Liverpool will sign any center-back for the current season

Ole Gunnar Solskjaer believes Paul Pogba is getting better with time

Ole Gunnar Solskjaer believes Paul Pogba is getting better with time in Manchester United

Cristiano Ronaldo says age doesn’t matter as he wants to play in the top leagues for many years

Cristiano Ronaldo says age doesn’t matter as he wants to play in the top leagues for many years

Ronald Koeman believes Lionel Messi needs a bit rest from his Barcelona duty

Ronald Koeman believes Lionel Messi needs a bit rest from his Barcelona duty

Jurgen Klopp believes James Milner is the Number 1 penalty taker for Liverpool

Jurgen Klopp believes James Milner is the Number 1 penalty taker for Liverpool

Carles Puyol believes Lionel Messi has many more years left

Carles Puyol believes Lionel Messi has many more years left in the highest level of football

Andrea Pirlo blamed the attitude of his players after Juventus suffered a 0-3 defeat against Fiorentina

Andrea Pirlo blamed the attitude of his players after Juventus suffered a 0-3 defeat against Fiorentina

Former Egyptian footballer Mohamed Aboutrika believes Mohamed Salah is unhappy at Liverpool

Former Egyptian footballer Mohamed Aboutrika believes Mohamed Salah is unhappy at Liverpool

Copyright © 2021 · The First Newspaper