‘Challenging macroeconomic reality’: Careem to discontinue ride-hailing services in Pakistan

(Web Desk): Careem will suspend its ride-hailing service in Pakistan on July 18, CEO and co-founder Mudassir Sheikha announced on LinkedIn.

He said that “challenging macroeconomic reality, intensifying competition, and global capital allocation made it hard to justify the investment levels required to deliver a safe and dependable service in the country.”

However, Careem is not pulling out of the country completely. Sheikha said Careem’s journey in Pakistan continues in a different role.

Careem Technologies - the spinout building the Everything App, a daily-use lifestyle app, will continue to build from Pakistan for the region, he said.

Nearly 400 colleagues across all functions (including engineering) are building the Everything App and its ecosystem of verticals (food/grocery delivery, payments, and more).

“This presence is only set to grow, with over 100 open roles and the expansion of our Falcon / NextGen program that brings in top graduates from Pakistani universities and gives them hands-on training on building highly scalable systems,” he added.

Sheikha said the decision was a difficult one, and that “it’s the end of an iconic chapter - one built with purpose, grit and a ton of relentless hustle.”