The first detailed public financial statements for Careem Technologies revealed that the company’s operating losses rose to $122 million during the first half of 2026, despite a 20% year-on-year increase in revenue.
The results were disclosed shortly before Uber regained control of the company, following an agreement by UAE telecom group e& to sell part of its stake in Careem Technologies in a transaction that valued the business at approximately $800 million.
Careem Technologies operates food and grocery delivery, digital payments, and other technology-enabled services as part of its super app model across the region.
Careem Revenue Rises to $241 Million
Financial data published by e&, previously the largest shareholder in Careem Technologies, showed that the company generated approximately AED 884 million, equivalent to $241 million, in revenue between January and June 2026.
Revenue increased by 20% compared with the same period in 2025, reflecting continued growth in demand for the company’s digital services.
However, the revenue increase did not translate into improved operating performance, as losses grew at a faster rate than sales.
Operating Losses Increase by 28%
Careem Technologies’ operating losses rose by 28% during the first half of 2026 to approximately AED 447 million, equivalent to $122 million.
This means the company recorded average operating losses of around $20 million per month during the six-month period.
The figures indicate that the costs of operating and expanding Careem’s service ecosystem remain high as the company continues to strengthen its presence across delivery, payments, and other digital services.
Uber Regains Control of Careem Technologies
The financial results follow an agreement reached between e& and Uber in June 2026, under which e& agreed to sell a 12.5% stake in Careem Technologies for $100 million.
Following the transaction, e&’s ownership will fall from around 50% to 37.53%, while Uber’s stake will increase to 62.47%, allowing it to regain control of the company.
The deal valued Careem Technologies at approximately $800 million, close to the valuation used when e& invested in the business in 2023 and acquired a majority stake for around $400 million.
What Services Does Careem Technologies Offer?
Careem Technologies focuses on digital services beyond its traditional ride-hailing business, including:
- Food delivery
- Grocery and everyday product delivery
- Digital payment services
- Financial and digital services
- Other services available through the Careem app
Through these operations, the company aims to expand its super app model, offering users access to a range of everyday services through a single platform.
Challenges Facing the Super App Model
The financial results highlight the challenges associated with the super app business model, which requires significant investment in technology, marketing, delivery operations, customer acquisition, and service expansion.
While offering multiple services can increase revenue and encourage customers to use the app more frequently, it can also raise operating costs and make the business more complex to manage.
Careem Technologies’ losses grew faster than its revenue during the first half of 2026, underlining the difficulty of balancing rapid expansion with a clear path to profitability.
Why Careem’s Results Matter
Careem Technologies’ results illustrate the challenges regional technology companies face when moving from rapid growth and user acquisition toward sustainable profitability.
These pressures are particularly significant in e-commerce, delivery, digital payments, and other technology-driven sectors that require continuous investment in infrastructure, technology, and operations.
Uber’s return to control also comes at an important stage in Careem Technologies’ development and could lead to a reassessment of the company’s priorities, with greater emphasis on operating efficiency and higher-value digital services.
Careem Between Growth and Profitability
The first-half figures show that Careem Technologies remains capable of growing its revenue, but they also reveal a widening gap between expansion and profitability.
The company’s main challenge will be reducing operating losses while maintaining the growth of its digital services and strengthening its competitive position across Middle Eastern markets.
Read the article in
