Here is the pitch deck Careem used to safe its first spherical of enterprise capital. 6 years later, Uber acquired it in a $three billion deal (UBER)
- Uber in March introduced plans to accumulate Careem, a Dubai-based ride-hailing service working in 14 Center Japanese nations, in a $three.1 billion deal.
- Six years earlier, Careem’s co-founders Mudassir Sheikha and Magnus Olsson raised $12.three million within the firm’s first funding spherical.
- Enterprise Insider has obtained that authentic pitch deck, which we’re publishing in full, to point out the place these authentic backer’s 100x return on their funding started.
Uber has struggled to realize the identical dominance within the tough area of the Center East that it is inbuilt locations like the USA.
These oversights — like taking two years to acknowledge that the majority customers within the space did not have bank cards — helped Careem, an upstart ride-hailing firm based by former McKinsey companions, scale up with a lot success.
In its first seven years, Careem would rack up a market worth close to $2 billion because it continued to increase to 14 nations all through the area, together with Saudi Arabia, Pakistan, United Arab Emirates, Egypt, and extra. These efforts have been fueled in no small half by efforts to map beforehand undocumented cities and constructing out complicated funds techniques that may account for money fares.
Chatting with Enterprise Insider in February fewer than two months earlier than Uber introduced plans to accumulate the corporate in a $three.1 billion deal, CEO Mudassir Sheikha mentioned the area’s rising financial standing and infrastructure would make it tough for a world big like Uber to compete on their very own with out native experience.
“For a world participant to return in a begin offering a service to the highest 2% to three% of the inhabitants isn’t tough, they’re used to the comfort,” he mentioned. “However as quickly as you begin taking place the plenty, you require numerous tailoring.”
Learn extra: Careem’s CEO ribbed Uber for making a rookie error within the Center East. Now Uber’s paying $three.1 billion to purchase it.
However earlier than Careem may change into an Uber subsidiary, with the US-based ride-hailing big coughing up $1.four billion in money and $1.7 billion in convertible notes for the corporate, the small crew needed to begin someplace.
In March 2013, the group got down to elevate its first spherical of enterprise capital. Armed with these 21 slides, Sheikha and his co-founder Magnus Olsson efficiently raised the corporate’s first $1.7 million spherical of enterprise capital (greater than the $600,000 focused within the presentation).
That very same 12 months, Careem would observe on the primary elevate’s success and lift one other adopted shortly by one other $12.three million in September from backers together with STC Ventures, Iris Capital, and Oqal Angel Funding Community
Based mostly on the corporate’s worth within the sale to Uber, these early buyers have seen roughly a 100x return on their authentic funding.
Here is the pitch-deck from these first shows that started Careem’s journey greater than six years in the past:
*This submit has been up to date to extra precisely mirror the rise in worth attributable Careem’s earliest buyers. Shares have gained roughly 100x in worth, whereas the corporate’s total valuation has risen much more.
SEE ALSO: Careem’s CEO ribbed Uber for making a rookie error within the Center East. Now Uber’s paying $three.1 billion to purchase it.