(Bloomberg) --
Careem Inc.'s ride-hailing business started to recover as governments in the Middle East began easing transportation restrictions following weeks of lockdown due to the coronavirus pandemic.
Business is still down 50% to 60% from last year but has recovered from a slump of more than 80% in March and April, Chief Executive Officer Mudassir Sheikha to Bloomberg TV on Tuesday. “We have started to see recovery since early May, and business has been growing week-on-week double digit.”
The company's delivery business has “become much larger” during the crisis, Mudassir said.
CEO also said:
- Careem ruled out further job cuts after reducing staff by 31% in May.
- The company plans to launch a super app this month as it moves to become an everyday app, rather than a ride-hailing app.
- Careem didn't have to raise capital as it's fully backed by Uber Technologies Inc.
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