Technology

Pakistan is one of our fastest-growing markets in the world, Uber CEO

Dara Khosrowshahi, chief executive officer of Expedia Inc., poses for a photograph in London, U.K. on Wednesday, Oct. 2, 2013. Expedia Inc. reported second-quarter profit and revenue in August that missed analysts' estimates, leading to a 27 percent plunge in the stock, the steepest in eight years. Photographer: Matthew Lloyd/Bloomberg via Getty Images

Uber’s CEO Dara Khosrowshahi had sent an email to the company’s whole staff around its acquisition of Careem – Middle East’s ride-hailing service. The CEO mentioned Pakistan as its fastest growing market in the world.

His email said that Pakistan is now one of our fastest-growing markets in the world. He also said that

“We intent operate Careem independently and under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary”.

The news about Uber acquiring Careem starting circulating all over the internet, when Bloomberg reported that Uber is soon going to purchase Careem for 3.1 billion dollars. It was said that the agreed amount of acquisition is 3.1 billion dollars out of which $1.4 billion will be paid in cash and $1.7 billion will be in the form of a convertible note.

Uber’s CEO Dara, officially announced today that Uber has bought Careem and stated,

“This is an important moment for Uber as we continue to expand the strength of our platform around the world. With a proven ability to develop innovative local solutions, Careem has played a key role in shaping the future of urban mobility across the Middle East, becoming one of the most successful startups in the region. Working closely with Careem’s founders, I’m confident we will deliver exceptional outcomes for riders, drivers, and cities, in this fast-moving part of the world”.

The company has decided to operate Careem independently for now for better operations and lower wait time, and also to expand the service with new products like high-capacity vehicles and payment system.