SWVL, a well-funded start-up in the Middle East, solved the mass transportation problem in emerging markets with a unique bus-hailing model. In March 2020, with 150,000 bookings in one day across its operating geographies, it reached its highest utilization rate and gross profit margin. Then Covid-19 hit. SWVL’s first reaction was to shut down operations and hunker down.

Careem, a Dubai-based ride-hailing company, was founded in 2012 in the United Arab Emirates (UAE) by two ex-McKinsey consultants who saw a gap in the transport market.