Latest news with #EverythingApp
Business Recorder
2 days ago
- Business
- Business Recorder
Careem to suspend decade-old Pakistan service
KARACHI: After more than a decade of operations, Careem announced on Wednesday that it will shut down its ride-hailing services in Pakistan, effective July 18. Mudassir Sheikha, CEO of Careem, announced the decision via a post on the professional networking platform LinkedIn. 'It is with a heavy heart that I share this update: Careem will suspend its ride-hailing service in Pakistan on July 18.' Sheikha described it as an incredibly difficult decision, citing a combination of factors- 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 Pakistan. 'In the end, the Careem Rides team had to make this tough call.' Careem, a multinational ride-hailing company founded in 2012, entered the Pakistani market in October 2015. In 2019, it was acquired by Uber for $3.1 billion, solidifying its position as the largest unicorn in the Middle East and opening new avenues for startups across the region. Sheikha said that despite numerous challenges, Careem's Pakistan team remained brilliant and fearless-bold, determined, and driven by a mission to create millions of job opportunities for captains across the country. 'They (Careem Team) did not just build a service that millions of Pakistanis relied on to move and earn, they delivered significant public goods: digital infrastructure, trust, regulation, capability, confidence - all of which paved the way for countless local and global digital ventures to take root in Pakistan', he added. He said that while ride-hailing is sunsetting, Careem's journey in Pakistan continues in a different role. Careem Technologies (the spinout building the Everything App) will continue to build from Pakistan for the region. He mentioned that 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. 'Pakistan is in Careem's DNA-our first line of code was written here, and the country remains a rich source of innovation and talent for us. Our commitment to Pakistan remains strong and I sincerely hope to bring Careem's services back to the country in the future', CEO Careem said. He also paid tribute to those heroes who built Careem in Pakistan under the bold leadership of Junaid Iqbal. Setup in 2012, Careem operates in over 70 cities across 10 countries, from Morocco to Pakistan and creating earnings for over 2.5 million Captains. Copyright Business Recorder, 2025
Business Recorder
3 days ago
- Business
- Business Recorder
Careem to end ride-hailing services in Pakistan, blames ‘challenging macroeconomic reality'
Careem will suspend its ride-hailing service in Pakistan on July 18, its 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. Taxing the digital frontier: Pakistan's bold move to tap e-commerce and online revenues 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.' Meanwhile users of the app have recieved a message saying Careem Care will remain available until 18 September 2025, to help with issues. For those who have remaining balance in their Careem Wallet, the company will be in touch with instructions on how to reclaim it. Careem was launched in July 2012. It started as a website-based service for corporate car bookings in Dubai and later expanded into a ride-hailing platform across the Middle East, North Africa, and South Asia. Careem entered Pakistan in 2015, where it became one of the leading ride-hailing services. It was acquired by Uber in a high-profile deal in 2020. While Sheikha did not delve into details, it is true that currency depreciation, high inflation, and fluctuating interest rates have raised operational costs for firms in Pakistan. Is the budget changing how government views e-commerce? Dollar shortages and import restrictions have made it harder for companies to repatriate profits or fund tech infrastructure. Ride-hailing services in the country have faced inconsistent regulations and licensing hurdles while shifting policies across provinces, unclear taxation rules, and lack of regulatory support for gig-economy models add unpredictability. What's more, in its latest budget announcement, the government introduced the digital transactions proceeds levy - a 5% withholding levy that will be applied to payments made to domestic and international digital vendors - as well as an 18% e-commerce tax.
Khaleej Times
26-03-2025
- Business
- Khaleej Times
UAE: 4am grocery deliveries up by 70% during Ramadan; what residents ordered
Grocery orders placed by UAE residents at 4am have shot up by 70 percent in the month of March as compared to previous months, according to figures released by local company Careem. The data compiled from their Everything App has revealed some unique trends of residents during the holy month of Ramadan. Those who are fasting usually have their pre-dawn meal, called suhoor, before the call to prayer at around 5am. The most frequently ordered suhoor items were The Big Feast from McDonald's and Plain Paratha from Punjab Flower Restaurant. For iftar, when the fast is broken at dusk, the top food choices for UAE residents included an 8-piece Wings Meal from Wingstop in Dubai and the special meat-based dish Haleem from Ritaj Restaurant in Abu Dhabi. Careem's food delivery service saw a surge in demand, with order volumes rising by 36 percent during suhoor hours in March as compared to February. The app also saw the largest single order food during this month in Dubai at a price of over Dh2,460 for 10 items from Café Bateel. Meanwhile in Abu Dhabi, the most expensive order placed cost Dh1,410 for 12 items from Behrouz Biryani. Many residents chose to shop for groceries online during the month, with the app registering an increase in grocery deliveries by 8 per cent in March as compared to February. The evening peak hours shifted to between 4pm and 5pm in Ramadan, as compared to between 7pm and 8 pm in the previous months, with orders placed around iftar – between 5pm and 6 pm – rising by 25 per cent. The largest single grocery order in Dubai cost around Dh2,800 for 60 items, while the biggest order in Abu Dhabi was more than Dh1,400 for 42 items. Bananas, bottled water, cucumbers, and blueberries were among the most frequently ordered items during Ramadan. The fastest grocery delivery in Dubai was completed in just 1.5 minutes to Al Safa Park Complex, while Abu Dhabi was close behind at 2 minutes to Najmat Tower on Al Reem Island. UAE residents were not just ordering in but also going out to eat during this month, using the app's Dine-Out option to get discounts. A customer saved over Dh6,000 on a booking valued at over Dh27,000 at the Terrace Iftar at JW Marriott Marquis while another used the service a whopping 31 times, more than once a day, during the month. International money remittances through the app also showed a 6 per cent increase during the month with a 10 per cent increase in the amount of money being sent to India. Several customers reached the monthly transfer cap of Dh450,000 while sending money to India, most likely due to the increase in gifting and donations during the month. Pakistan saw the largest month-on-month increase in transfer volumes, with one customer sending 46 separate transfers to the country during Ramadan.
Yahoo
28-01-2025
- Business
- Yahoo
Elon Musk's X announces deal with Visa to launch in-app financial services
Social media site X has announced a deal with Visa as part of plans to launch a digital wallet for making instant payments on the platform. X chief executive Linda Yaccarino said in a post to the platform that Visa was the first partner for X Money, which she said will launch with an X Wallet later this year. The system will enable users to link their digital wallet with their bank account and debit card to transfer funds to and from their bank account, as well as make peer-to-peer payments. Another milestone for the Everything App: @Visa is our first partner for the @XMoney Account, which will debut later this year. 💰Allows for secure + instant funding to your X Wallet via Visa Direct 🪪 Connects to your debit card allowing P2P payments 🏦 Option to instantly… — Linda Yaccarino (@lindayaX) January 28, 2025 The move will be X's first into financial services, and feeds into a long-term aim of the site's owner, Elon Musk, who has spoken repeatedly of his desire to create an 'everything app', where users are able to access social media, entertainment, online shopping, communications and other services without having to leave that single app. In a post to X on the announcement, Ms Yaccarino referred to it as 'another milestone for the Everything App', adding that the X Money account would 'debut later this year'. 'First of many big announcements about X Money this year,' she said. According to reports in the US, X Money is expected to launch in the first quarter of this year, and will initially be used to allow creators on the platform to store their funds from posting and accept payments from subscribers without needing to use third parties. Visa has not yet commented on the announcement.
