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Careem Vehicle Hire Company VRIN Analysis

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Careem Vehicle Hire Company VRIN Analysis

Company profile

Name and origin of the company

Careem is a Dubai based company specializing in providing vehicle hire and delivery

services using mobile applications. The company started its operations in 2012, providing web

based services in corporate car hire and bookings (Careem, 2021) With time, the company

expanded its operations to include the vehicle for hire services for everyday use. Since its

formation, the company has been making strategic moves to increase its market share across the

Middle East, South Asia, and Africa.

In 2015, Careem acquired Enwani, a Saudi – based home delivery service company.

Enwani was formed in 2011 by a collaboration of German and Saudi entrepreneurs (Prince,

2015). These entrepreneurs were committed to providing solutions to the rampant postal address

problem in Saudi Arabia. By 2015, Enwani had acquired a significant amount of data critical for

making business decisions if well analyzed.

Additionally, Careem targeted the dedicated and talented pool of employees from

Enwani. The company was particularly interested in Dr. Abdallah Elyas, Enwani's founder. He

shared vision, aspirations, and commitment to establishing a world-class firm in the Middle East,

providing services to clients, and contributing to the community's development by inspiring

young entrepreneurs in the region (Chalfoun, 2015) Indeed, Dr. Elyas obtained a large share of

equity in Careem and soon joined Sheikha and Olsson as a co-founder. Dr. Elyas and his team

were crucial for Careem as they had built optimal products to handle goods during deliveries.

Careem acquired Enwani to improve efficiency in navigation while expanding its operations
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across the Middle East. Such acquisitions have clearly illustrated Careem's commitment to

reaching more customers.

Careem extended its operations in Palestine in 2017. It was an initial move in delivering

its commitment to creating more than one million employment opportunities in the Middle East,

South Asia, and North Africa regions by December 2018 (Bashir, 2016). Careem remained on its

course and became the first company to launch its ride-hailing services in Baghdad by January

2018. Consequently, the company initiated its operations in Kurdistan, Najaf, and Erbil. Careem

started its operations in Africa by introducing a series of services in cities within Egypt. The

company introduced bus services in August 2018 and has since continued introducing other

transportation and delivery services.

Careem has also been keen on acquiring non-transport based companies. However, these

companies relate to the transportation industry. For instance, it acquired RoundMenu, a

restaurant based company providing restaurant listing and ordering services across the Arab

world (Chalfoun, 2015). The move was in an attempt to integrate Careem’s ride with food

deliveries across the region.

Uber acquired Careem in March 2019 after a series of deliberations among the three

Careem co-founders. According to the two companies, the acquisition would provide an avenue

to provide more reliable services through their innovative applications. Nonetheless, the

company has continued to operate independently under the leadership of the co-founders

(Careem, 2021). Indeed, the company acquired Cycle, a United Arab Emirates-based bike-

sharing firm, and renamed it Careem Bike soon after Uber's acquisition (Careem, 2021). The

company has continued to provide unique services while developing innovative ways of solving

different transportation and delivery problems in the Middle East, South Asia, and Northern
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Africa regions. The latest service announced by Careem is the Careem Pay. The service would

provide clients with a digital wallet platform to replace cash payments.

Founder and his story

Mudassir Sheikha and Magnus Olsson founded Careem. Both Sheikha and Olsson

previously provided consultation services for McKinsey & Company, an American based

management consulting firm. An idea ran into these two entrepreneurs' minds while in their line

of duty at McKinsey & Company (Husain, 2016). They sought to build a business, not just be big

but also significantly impact society. Their idea was to start a business big enough to improve

people's lives and introduce a sustainable change to society.

Sheikha and Olsson began by making a list of challenges they had faced while in the

Middle East. Their list included problems they faced in education, healthcare, and logistics. They

finally settled on the transportation industry after a series of deliberations (Thomas, 2016). Based

on their consultation work in Dubai, they would continuously travel to markets in Pakistan,

Egypt, and Saudi Arabia, interacting with transport companies present in these countries. Their

experiences with these companies were not desirable as services were below those provided in

other countries such as the United States.

With a background in tech startups, Sheikha realized the potential impact of technology

in changing how the existing businesses handled the transportation business in their target

regions (Bashir, 2016). Sheikha grew up in Pakistan, where he had his elementary and secondary

education. He later moved to the United States for his college education at the University of

Sothern California. He graduated with a degree in economics and computer science in 1999

(Husain, 2016). While still in the United States, Sheikha enrolled for his maters and graduated in

2003 from Stanford University.

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Sheikha was determined to utilize his vast knowledge in the field of technology. As such,

he got a job at Brience, a Silicon Valley startup company. The company had obtained funding

worth close to $200 million, and Sheikha considered it an excellent platform to start his career

(Husain, 2016). However, several more prominent Silicon Valley-based companies later

acquired Brience.

Although Sheikha moved back to Pakistan, he still believed in his tech roots. Indeed, he

significantly contributed as a co-founder to the formation of DeviceAnywhere, a startup

company providing performance monitoring services for websites and mobile applications in

2003 (Husain, 2016). The startup soon grew to a team of more than one hundred staff spanning

its operations across Pakistan and the Bay Area. However, Keynote acquired the company five

years after its formation.

Sheikha chose to join McKinsey following the acquisition of DeviceAnywhere. His idea

was to spend two years as a McKinsey consultant before quitting and going back to his

entrepreneurial ways. The two years became four, and he figured out he had to think of a

business idea before getting any older (Husain, 2016). Around the same time, he met Olsson,

who was on a medication course following brain surgery in 2011.

Mission and Vision

Careem has demonstrated its urge to use technology to create solutions to improve its

customers' experiences in the greater Middle East region since its formation in 2012. The

company takes pride as a pioneer of the transport-hailing economy in the region. Besides, the

company aims at including other services across its platforms to accommodate mass

transportation, deliveries, and payments. Such additional services will enforce its dominance in

the region. While aiming at such ambitious milestones, the company promises innovative and
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consistent services to its customers (Careem, 2021). Indeed, the company’s mission statement

describes a company committed to simplifying and improving customers’ lives while building an

inspirational organization.

At the same time, Careem is keen on improving its employees’ welfare. The company has

maintained a good relationship with its current and potential employees. The company has

remained committed to maintaining an open relationship with the drivers and other supporting

staff. Many people still look for employment opportunities, and the company with drivers

welcoming the idea of joining the Careem team (Careem, 2021). Careem believes in the strategy

of explaining its working terms to the drivers who, upon reception, tell others about the

company.

Given its technology investment, Careem's vision is to dominate the region and become

an everyday Super App. Still, the company aspires to expand the size and scope of its market

while maintaining the quality of the services it provides (Careem, 2021). The company's vision

2022 entails strategies that aim at providing a more comprehensive range of services to

customers around its dominant regions. Such services include the expansion of the on-demand

delivery use case and other financial services.

Careem also aspires to be actively involved by the Dubai administration in designing and

implementing pods by 2030. Pods are electric-powered driverless vehicles capable of moving

individually or attach to other pods, allowing passengers to move across pods freely during the

duration of the journey. Sheikh Mohamed bin Rashid, the Ruler of Dubai, is committed to

making a quarter of all trips in Dubai driverless by 2030 (The National, 2016). His vision and

aspirations align with those of Careem, using technology to advance change in the community.

Careem plans to have the pods operate as a mass transportation system. The system will provide
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prompt services to customers who will be picked and dropped off at locations of their preference

within the emirate. The pods will conveniently link and detach based on customers' demands

creating an efficient and environmentally cautious transportation model.

Organization

A leadership team consisting of the founders and other senior employees are responsible

for crucial departments at Careem. Sheikha is the company's chief executive officer and is

responsible for the overall running of the company (Careem, 2021). The leadership is motivated,

purpose-driven, and committed to moving the region forward using technology and other

available resources (Goncalves, 2019). The administration has also provided a conducive

working environment to its employees and continuously inspires them to achieve more.

The senior employees responsible for the crucial department facilitates the day to day

running of the company. These employees report to the founders and the CEO. They include

departmental and regional heads. Some of the notable senior employees include Bassel Al

Nahlaoui, Ashish Jain, Adeeb Warsi, Ruth Fletcher, and Ibrahim Manna.

Bassel Al Nahlaoui is Careem's managing director in charge of people's mobility and the

United Arab Emirates and Pakistan region. Nahlaoui joined the company in 2016 and assumed

the role of the vice president in charge of people (Careem, 2021). He has also worked as the vice

president responsible for business management and government relations. His experience as an

advisor to several firms across the Middle East and the United States is an asset to the company.

Ashish Jain is the senior vice president in charge of financial affairs at Careem. He

handles all the financial aspects of the company all over its regions of operations (Careem,

2021). His experience spans two decades working as a senior financial officer across firms in the
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United States, Asia, Europe, and the Middle East. His previous roles majorly involved managing

finances alongside investors and legal relations.

Adeeb Warsi joined Careem as the head of strategy and growth. His achievements in

growing the company across cities on different continents earned him his current role in

managing the mobility of things. As the managing director of the mobility of things, Adeeb

supervises and ensures the success of food delivery services and other related logistics services

(Careem, 2021). He is currently committed to transforming all the Careem’s services into Super

App services. His tech startups' background and experience ensure the company successfully

provides sustainable solutions to its customers.

Ruth Fletcher is the vice president in charge of people at Careem. Ruth is responsible for

the management of human resources at the company (Careem, 2021). Her work also entails

designing and evaluating the effectiveness of the company's different learning and development

programs to its staff and drivers.

Ibrahim Manna joined the company in 2013 as the product manager. He is currently the

managing director in charge of global markets. His primary responsibility is to seek new

business opportunities in cities and countries of interest (Careem, 2021). He is in charge of eight

distinct markets in the region and contributes to business growth in these regions.

Products and customer segment

Although the company started by providing web-based services to corporate clients, it

has advanced its services and now includes mass transportation, deliveries, and payment options

(Careem, 2021). However, this expansion has, in part, been influenced by merging and acquiring

other relevant companies (Williamson, 2015). Still, the company has shifted its focus from

providing its services through web based platforms to mobile applications. Careem’s current
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products include ride, drive, order, Careem Express, Careem Bike and Careem Pay. Careem ride

entails a platform enabling customers to select a ride suiting their needs from a wide range of

options. Customers may get the ride in minutes or book for a later date (Careem, 2021). The

service is unique as it enables customers to select the type of car suitable for the ride. The app

also allows customers to track their ride from when they are assigned the vehicle until they get to

their destinations and pay in cash, cards, or Careem credits.

Careem drive is a service that enables qualified drivers to register and be part of the

Careem family. The service subject potential drivers to a series of tests to ensure clients' safety

(Careem, 2021). For instance, the service ensures drivers, also known as the "captains," are of

appropriate age and possess appropriate licenses. The service also requires drivers to upload drug

test results, police clearance certificates, and credit check certificates alongside other relevant

documents. The drivers are then required to submit details of their vehicles after passing through

the screening process.

Careem order is a food delivery service for delivering meals to customers at the comfort

of their homes. Still, the service enables customers to search for their favorite ingredients and

have them delivered at their chosen locations (Careem, 2021). The service also saves customers’

requests and enhances customer experience the next time they need the same products offered.

Similar to Careem ride, Careem order ensures customers can track their orders in real-time.

Other than facilitating people and food movement, Careem has a service, Careem

Express, dedicated to moving goods from producers to consumers. The service connects e-

commerce players and neighborhood stores to their customers (Careem, 2021). The service

primarily targets businesses delivering products to customers across cities and countries. In
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addition to real-time product tracking, these businesses and their customers have access to 24/7

helpline support.

Careem Bike is among the recent services rolled out by the company. Established in May

2019 following the Cycle startup company's acquisition, the service provides a convenient,

efficient, and reliable transportation means (Careem, 2021). Careem Bike enables customers to

commute around communities within the metro station. The service works by helping clients find

and rent bikes across select bike stations in Dubai. Besides using the Careem Bike app to obtain

bike services, customers may use call or short messaging service (SMS) to book their rides.

Careem Pay is the most recent service by Careem. The service provides customers with a

digital wallet platform. The company provided the service to replace cash payments for the

different services it offers to its customers (Careem, 2021). The service is hosted within the

Careem Pay wallet. Customers can use their credit to pay for deliveries, rides, buy vouchers, or

acquire Careem's loyalty partners' points.

Markets and competition

Although Careem started its operations in Dubai, it has extended its services in close to a

hundred cities in 14 countries across the Middle East, South Asia, and Africa. The company

targets corporations, neighbourhood stores, and the general public (Nelson & Everington, 2018).

It engages corporations and stores in logistics and delivery services and primarily relies on the

general public for rides and food delivery services.

Careem's business model and strategies may explain its success and dominance.

However, the company faces competition that may threaten its market share. Some notable

competitors include Bolt, Gett, Ola, Lyft, and Uber before acquiring the company in 2019

(Arnold & Carvalho, 2016). These competitors threaten Careem's dominance in its region of
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operations. Nonetheless, Careem is continuously evaluating its business strategies and adopting

the latest technologies and merging to deliver its commitment to improving lives.

Besides, the company has a robust marketing strategy keen on the accessibility of its

services. Careem’s marketing strategy is primarily based on innovation. Such an orientation

signifies Careem's readiness for the future as it is ready to utilize all emerging opportunities to

improve its brand. The company also has rapid expansion, facilitating a tremendous growth of

the customer base and higher recognition among customers (Arnold & Carvalho, 2016). As a

result, although a relatively new company in the industry, Careem has become one of the most

successful and well-known transportation companies in a region filled with similar companies.

Key financial figures

Careem has had several investors since its establishment in 2012. For instance, the

company received approximately $ 1.7 million seed money from STC ventures one year after its

formation (Williamson, 2015). The company further received $ 70 million in a Series B and C

rounds led by STC ventures and The Abraaj Group between 2014 and 2015 (Abraaj, 2017). The

company also acquired $ 350 million in a Series D round following its $ 1 billion valuations in

2016. Saudi Telecom, a Saudi Araba based telecommunications company, was a significant

contributor in the Series D round with approximately 10% of the stake in Careem (The

Economist, 2017). The company further secured $ 200 million from its existing shareholders in

2018. The following year marked a defining moment for Careem (Sawers, 2019). Uber resolved

to acquire the company for $ 3.1 billion.

Future Plans

Since 2018, Careem has been designing and introducing new apps to improve their

customer experience. The company has developed most of these apps in Dubai. Careem Order is
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of particular concern as it provides customers with a platform to order food and pharmaceutical

products (Godinho, 2020). The company expanded this service to Amman and Riyadh after

successful testing in Dubai in 2019. Still, the company expanded its grocery and other essential

services deliveries past Dubai in 2020. The future of Careem seems to lie in acquiring new

markets previously dominated by its parent company, Uber. Indeed, Uber Eats exited the UAE

market and assured its customers that its services would be provided by Careem from May 2020

(Gulf News Web, 2020). Such mergers and acquisitions only highlight the potential benefits of

accessing more customers and increasing market share.

Still, the company is keen on forming partnerships with companies aimed at creating

innovations towards self-driving cars. Careem is in partnership with Next, a forward-thinking

tech company, to develop autonomous mass-transit solutions in Dubai and across the Middle

East by 2030 (The National, 2016). The pods are currently at the research and development

stage, and the two companies are expecting to initiate the testing phase in the coming years. The

testing phase will entail testing fully functional prototypes in restricted areas. The project has the

potential of transforming the transportation industry and improving lives across the Mena region.

Careem key competitive advantage and VRIN analysis

Careem's success in the Middle East, South Asia, and Africa has resulted from several

factors. Such factors may relate to the competence of its leadership, business strategies and

model, and noble non-substitutable ideas. The analysis of the values, rareness, Inimitable, and

Non – substitutable factors is essential in understanding Careem’s market dominance in the

Middle East and potential improvement areas.

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Valuables

Careem's business model is unique in how it was formed and has been a valuable

resource in ensuring the company remains competitive despite other dominant traveling

solutions. Two former consultants in Dubai established the company. Their business idea was as

a result of identifying a problem in the transportation industry and committing to creating a

sustainable solution (Husain, 2016). While the flight bookings and hotel industries were

seamless, securing a reliable car for their team’s travel needs was a problem in Dubai and the

entire Middle East region.

The company’s initial model took an approach different from those taken by other firms

in the industry. After quitting their jobs, Sheikha and Olsson introduced pre-scheduled bookings

in their newly formed company. The bookings allowed them more time to secure cars as they did

not have a dedicated fleet yet (Thomas, 2016). They also targeted corporations with many

employees and significant movements within the region to ensure relatively higher demand and

guarantee a steady flow of revenue. Still, Careem's selling point was its well-designed user-

friendly interface allowing clients to book cars in a city of their choice with tailored invoices and

systems analysing data on their usage patterns (Thomas, 2016). Such impressive services

attracted the corporate leaders to book personal travel with Careem. The company then used

Sheikha's experience in tech startups to design and introduce on-demand booking apps.

Although Careem was in the same business with experienced giants such as Uber and

Bolt, its business model had two distinct products: on-demand and pre-scheduled bookings.

Besides, Uber had not started its operations in Dubai yet (Arnold & Carvalho, 2016).

Nevertheless, Uber had only recently developed a model enabling clients to schedule rides in

advance. Careem services were still much ahead as they coupled their on-demand and pre-
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scheduled bookings with a human customer support agent. Uber and Bolt had an artificial

intelligence-based customer support system.

In addition to the attractive business model, Careem’s desire and urge to use technology

in solving transportation problems attracted a wide range of investors and a talented pool of

employees. Within four years of operations, the company was worth $ 1 billion (Sawers, 2019).

Such valuation attracted foreign investment, which the company used to further improve the

existing services and develop new ones.

Careem’s international distribution network ensures the company is one step ahead of its

competitors. The company has a global distribution network running with contracts and agents

across cities in the Middle East, South Asia, and Northern Africa (Careem, 2021). Customers in

these regions can easily access Careem's services and support. Still, the network has been

essential in gaining experience and exposure in regional business, culture, and trade.

The urge to use technology to create transportation solutions has enabled Careem to

develop a robust market research strategy. The company continuously invests in market research

through its research and development department (Careem, 2021). The company is always up to

date with the current trends in the market, customer needs, and demand. Still, the company

continually monitors changes in different consumer groups and markets. The research and

development aspect is a valuable resource as it enables the company to adapt to changes in the

market and consumer needs promptly.

Rareness

Since its formation in 2012, Careem has ensured the safety and wellbeing of its

employees and customers. While its competitors such as Uber and Bolt opt for a customer rating

mechanism and other hands-off mechanisms to get rid of the bad drivers and riders, Careem is
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significantly involved in supporting and training its “captains” to provide the best services to

customers (Husain, 2016). Still, the company offers health and vehicle insurance to the

"captains." The company also assists the drivers in raising their families' living standards and

significantly contributes to educating the drivers' children. As a result, the drivers are more

committed and more determined to provide their clients' best services (D'Cunha, 2016). Such

commitment to employees' wellbeing is essential in boosting their morale and developing a

culture of excellence.

Still, Careem's leadership is committed to the effective and efficient use of company

resources. Such a move ensures the company operates under economies of scale (Careem, 2021).

Consequently, Careem uses economies of scale as scarce resource in minimizing costs, boosting

productivity, and raising sales. Although the company operates at minimum cost, it delivers

quality and consistent products to its customers.

Careem’s unique product portfolio has been essential in penetrating new markets. The

diversified and unique portfolio has allowed the company to penetrate different consumer groups

in the region (Careem, 2021). Besides, the portfolio has ensured that the company derives

income from diverse sources. As such, the company is more competitive as the diverse income

provides a strong financial cushion.

The company’s use of progressive technology places it at a higher competing advantage.

Careem heavily relies on technology in making the transportation business more efficient and

effective (Careem, 2021). The use of technology in such an industry is essential in maintaining

competitive differentiation. Careem’s use of trending technologies increases precision and

reduces the chances of human error.

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Inimitable

Careem has continuously invested in research and development. Research and

development allow the company to design, introduce, and test new products in select market

settings (Careem, 2021). The company has an excellent platform to assess new ideas'

sustainability while generating appropriate feedback for improvement. Continued research and

development is an inimitable resource as it has become an aspect of Careem's system and culture.

The company has also established a progressive and robust means of cost control and

ensuring economies of scale. Unlike its competitors, the company maintains and controls the

prices, with only a few cost increases being transferred to the customers (Nelson & Everington,

2018). The products are, therefore, affordable to the customers.

Besides, the company has an exemplified human resources department. Led by Ruth

Fletcher, the department manages the company's employees' welfare from talent acquisition and

management to training and development (Careem, 2021). Such a training strategy has enabled

the company to develop an inimitable pool of employees aligned with its mission, vision, and

goals.

Non – substitutable

The brand recognition and brand value enjoyed by Careem due to its presence and

dominance in the Middle East region in comparison to other traveling firms is a non-substitutable

resource. Besides, Careem enjoys recognition across corporations, and the general population in

different countries allows it to have significantly higher sales and uniquely bond with its

customers (Arnold & Carvalho, 2016). Competitors may find it hard to imitate such recognition

as Careem has built it over several years of hard work and commitment to quality.
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Careem has, over time, developed an emotional affiliation with its clients. The company

started by providing service to corporates with a large number of employees moving across the

Middle East region (Husain, 2016). Its unique services become known to corporate leaders who

started booking individual and personal rides. The company has been fulfilling the

psychological, emotional, and functional needs of its clients. Such generous services are an

inimitable resource developed by the company due to its honesty and commitment to its clients.

Conclusion

Although Careem has had challenges with some of its business strategies and models, it

ensures its clients of quality and innovative services. Since its establishment in 2012, the

company has illustrated its commitment to using technology to change lives across the Middle

East, South Asia, and Northern Africa. Its founders, staff, and drivers' commitment has attracted

investors across the world to invest in the company. Besides, the company has been keen on

acquiring strategic startups sharing the same vision and mission. As a result, the company

continues to grow and to expand.

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