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Careem plans to spend $100m on R&D - Daily News Egypt

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Careem plans to spend $100m on R&D

The plan aims to establish R&D centres in Egypt and Germany

Careem, an online chauffeur cab booking service in the Middle East and North Africa, intends to implement a new strategy for global expansion based on the company’s research and development (R&D). According to a press release issued by the company, it will inject $100m over the next five years into R&D.

The company also aims to increase the number of staff in the United Arab Emirates and Pakistan in addition to establishing R&D centres in Egypt and Germany.

Careem was founded in 2012 by two former consultants at McKinsey. It offers its services in 27 cities in the Middle East, North Africa, and Pakistan. The company has three million users, more than 50,000 active drivers, and is supported by a number of investors such as Abraaj Group, Al Tayyar, STC Ventures, Beco Capital, Lumia Capital, and Wamda Capital.

The company’s plan also aims to develop the engineering department in Pakistan by adding 50 additional engineers who will work on improving the user experience and quality and performance of the application. The new team is provided through VentureDive, a company concerned with providing technological solutions and innovative products.

Tags: Careem, research and development, taxis

Topics: Careem R&D

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