Careem Calls It Quits: Ride-Hailing Giant to Exit Pakistan in July
Middle Eastern ride-hailing company Careem, a subsidiary of Uber, has announced that it will cease its operations in Pakistan on July 18, ending nearly a decade of service in the country. The company cited economic challenges, fierce competition, and limited capital availability as the primary reasons behind its decision, according to a report by Reuters.
Launched in Pakistan in 2015, Careem had played a pioneering role in introducing app-based transportation and digital payment systems. It was also widely acknowledged for encouraging women to participate in ride-sharing services, helping to promote greater mobility and inclusion.
Careem’s co-founder and CEO, Mudassir Sheikha, wrote in a LinkedIn post, “Given the current economic conditions, rising competition, and the global capital crunch, it has become increasingly difficult to maintain safe and reliable services in Pakistan.”
This move comes after Uber itself exited the Pakistani market in 2022. In recent years, new competitors such as the Russian-backed Yango and Latin America-based InDrive have entered the market with more cost-effective models, intensifying the competition for existing players.
Careem's departure marks a significant shift in Pakistan's ride-hailing landscape, as the industry continues to evolve amid economic uncertainty and shifting market dynamics.
