The first public financial snapshot of Careem Technologies shows revenue continued to grow. However, losses widened ahead of Uber’s return as majority owner.

Careem’s consumer services business is still expanding. However, the latest financial disclosures suggest that scaling an Everything App remains an expensive undertaking.

Financial statements released by Abu Dhabi-based e& reveal that Careem Technologies generated approximately USD 241 million (AED 884M) in revenue during the first half of 2026. Meanwhile, it posted an operating loss of  around USD 122 million (AED 447M). The figures offer the first detailed public look into the performance of Careem’s non-ride-hailing operations. This includes food delivery, grocery, payments, and other digital services.

Why You Should Care

Careem has long been viewed as one of the Middle East’s flagship technology companies and a leading example of the region’s super app ambitions. Until now, however, little financial information had been available about the economics behind its consumer services business.

The newly disclosed results show that customer demand continues to grow, but doing so across multiple verticals still requires significant investment. For founders, investors, and operators building digital platforms across MENA, the figures provide a rare benchmark for what scaling a diversified consumer ecosystem looks like in practice.

The Details

According to e&’s interim financial statements, Careem Technologies recorded around USD 241 million (AED 884M) in revenue during the six months ending June 30, representing a 20% year-on-year increase.

During the same period, the company’s operating loss widened 28% to USD 122 million (AED 447M). This is equivalent to an average operating loss of roughly USD 20 million per month.

The financial disclosures were published after e& reclassified Careem Technologies as a discontinued operation following its agreement with Uber.

In June, e& agreed to sell a 12.5% stake in Careem Technologies to Uber for USD 100 million, reducing its ownership from 50.03% to 37.53%. The transaction restored Uber as the majority shareholder with a 62.47% stake.

The deal values Careem Technologies at approximately USD 800 million, largely in line with the valuation at which e& acquired control of the business in 2023. While that comparison excludes Careem’s ride-hailing business, which remains under Uber, it indicates that the valuation of the consumer services platform has remained relatively stable over the past three years.

The Ripple

The results offer one of the clearest public indicators yet of the economics behind building a regional super app.

Across MENA, technology companies continue expanding into adjacent services such as fintech, grocery delivery, logistics, and digital commerce to increase customer engagement and diversify revenue streams. Careem’s financials suggest that while these ecosystems can continue attracting users and growing revenue, they may also require sustained investment before operating leverage begins to materialize.

For investors, the disclosures add greater transparency to a business model that has often been discussed more through strategy than financial performance.

What to Watch

With Uber back in control of Careem Technologies, attention will likely shift from ownership changes to operational execution.

The company’s next phase will be measured not only by its ability to continue growing its consumer ecosystem but also by whether it can improve operating efficiency while maintaining momentum across its expanding portfolio of services. 

As regional technology companies continue investing in platform businesses, Careem’s progress could become an important reference point for how MENA’s super app model evolves over the coming years.