From disrupting the ride-hailing business in the UAE to igniting the next success stories in the Middle East

After a successful stint in Silicon Valley, Mudassir Sheikha moved to Dubai to bring more opportunity to the region and build a brand that could compete with the gig economy’s biggest giants. He was joined by co-founder Magnus Olsson and in 2012 they built the ride-hailing app Careem (which means “generous” in Arabic). Abdulla Elyas joined their founding team two years later through an acquisition.

It wasn’t easy. Careem faced many challenges including unbanked drivers, a lack of trust in the community, gender inequalities, and customers’ desire to pay with cash rather than credit cards. Despite the rocky road, it grew into the region's leading ride-hailing app.

We selected the founders as Endeavor Entrepreneurs in 2018, mere months before the company embarked on the exponential growth that would transform Careem from a regional ride-hailing app into a multi-service app and global player. We immediately set the two co-founders up with key business contacts they needed to so they could expand rapidly with fewer potholes along the way.

A year later, Uber took notice and made its largest purchase ever, acquiring the Dubai-based company in 2019 for $3.1 billion, instantly transforming it into the Middle East’s first unicorn.

Careem has launched in 14 countries across the Middle East, North Africa, and South Asia, operating in more than 100 cities. It serves 48 million customers and has created more than one million jobs.

Their Multiplier Effect

Careem’s success was a match, igniting the Middle East’s innovation ecosystem. Former Careem employees have founded over 120 startups. Former employee Belal El-Megharbel’s B2B platform MaxAB, for instance, has attracted more than $60 million in funding. The stories keep piling up.

Together, Abdulla, Magnus, and Mudassir have also directly invested in 80 more companies, contributed to Endeavor’s Catalyst funds, and mentored nearly three dozen other entrepreneurs.

As the chair of Endeavor Pakistan, Mudassir is now helping Pakistan’s entrepreneurs trigger their own Multiplier Effect. With more than 220 million people, the country’s economic potential remains largely untapped by entrepreneurs. With Careem’s founder guiding them, Pakistan’s entrepreneurs are better equipped to scale up, expand internationally, and transform their potential into growth.

Magnus regularly advises mentees to launch before they know what it takes to achieve startup success, often telling them: “You have no idea about what you don’t know. Just start and learn.”