Careem's $3.1B Uber Acquisition Created 75 USD Millionaires Among Employees
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 42:39
Mudassir Sheikha is the co-founder and CEO of Careem, the Middle Eastern ride-hailing app acquired by Uber for $3.1 billion in 2020. He discusses the wealth created for Careem employees upon exit.
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“I think in dollar terms, there were 75 millionaires. In that term, there were, I think, 300 plus.”
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More from Mudassir Sheikha
Sheikha: Careem's Board Was Deeply Divided Over the $3.1B Uber Acquisition
“And it was a contentious process where there were some investors that wanted to sell and there were others that didn't want to sell. And it ended up creating a big divide in the port that made things quite challenging.”
Sheikha Regrets $3.1B Uber Deal Didn't Financially Benefit Careem's Drivers
“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 …”
Sheikha: Lack of global and local competition creates massive startup opportunities in Pakistan
“Man, local businesses have done really, really well historically because they don't get a lot of competition outside, and even inside, you know, the competition that you get is generally not as formidable.”
Careem Outcompeted Uber in Saudi Arabia by Enabling Cash Payments
“Early in Saudi Saudi Arabia, which is of course the largest market in the region not many people at that time had credit cards, or even if they had credit cards, they were not able to use credit cards, and people just preferred paying in cash. So this was some…”
Dara Khosrowshahi Promised Careem Autonomy to Finalize $3.1B Uber Acquisition
“The thing that really made it happen at the end was Dara saying that you guys can continue, continue pushing your purpose, keep your culture, keep your org. I'm just going to replace your shareholders and become a better shareholder.”