After a decade, Careem ends Pakistan ride service this July
- Careem will stop operating in Pakistan on July 18, ending nearly ten years of service.
- CEO Mudassir Sheikha cited Pakistan's worsening economy, growing competition, and limited capital as reasons for the shutdown.
- Inflation peaked at 38% in 2023, leading to a significant drop in consumer demand and foreign direct investment.
The closure of Careem's ride-hailing service in Pakistan is a significant setback for the country's tech ecosystem, reflecting broader economic challenges. It underscores the urgent need for policy reforms and investment to revitalize the startup landscape and ensure sustainable growth in the digital economy.
