Sheikha Regrets $3.1B Uber Deal Didn't Financially Benefit Careem's Drivers
Mudassir Sheikha · Mudassir Sheikha: The Meeting that Led to $3.1BN Buyout: The Battle Between Uber and Careem | E1056 · 20VC with Harry Stebbings · Sep 4, 2023 · at 36:47
Mudassir Sheikha is the co-founder and CEO of Careem. He discusses the financial outcome of Careem's $3.1 billion acquisition by Uber, contrasting corporate employees with platform driver captains.
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“I wish we could have done more for our captains. As a part of the exit process. You know, Kareem was built by these captains and we are close to many of them. And if I look at them today, they're still doing what they were doing 10 years ago. And that saddens me a little bit. So many people at Kareem have done quite well. They've grown and they've progressed in life as a result of these last 10 years. With the captains, which were the foundations of Korea, which were the ones that taught us how to build this business, and many cases are still where they were 10 years ago. So I wish we had done something for captains that would have benefited them from the transaction as well.”
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