Careem has announced a new strategy, plus their plans for global expansion.
According to a statement released today they plan, over the next five years, to invest $100 million into R&D. Part of this will be the growing of their team in the UAE and Pakistan, plus the opening of two R&D centers in Egypt and Germany.
“Careem is committed to continue innovating to offer the region a safe and reliable transportation option. In order to do that, we have to double-down on R&D,” said Magnus Olsson, cofounder and ‘chief navigator’, in the statement.
Busy times for Careem they entered the Pakistan market earlier this year when they purchased Savaree, a local ride sharing startup. They also closed a $60 million series C round in November last year.
Partnering in Pakistan with R&D company Venturedive they will be adding 50 engineers to the Careem team.
According to Careem they have had a 30 percent month-on-month gross since they started in 2012. They now cover 27 countries across MENA and Pakistan and have three million registered users.