Careem to invest $100m during next five years to improve app-based cab service

Careem, the app-based cab booking service, has said it is to invest US$100 million in research and development (R&D) during the next five years.

This will include growing its teams in the UAE and Pakistan, plus opening new R&D centres in Egypt and Germany, it said.

Magnus Olsson, co-founder and chief navigator at Careem, said the company needs to “double-down on R&D” to continue innovating in the region.


In Pakistan, Careem has added 50 engineers, who have joined from VentureDive, a technology solutions firm.

Launched in 2012, the company currently has 3 million registered users and more than 50,000 captains, and is backed by investors Saudi Telecom Ventures, Al Tayyar Travel, The Abraaj Group, Beco Capital, Impulse, Lumia Capital and Wamda Capital.

business@thenational.ae

Follow The National’s Business section on Twitter

0

Share This Post