[47][48][49] According to investigations conducted by the company, there was no initial evidence of fraud or misuse. High-growth companies achieving a billion dollar valuation with their ability to defy the odds in the global south are rare, just like unicorns. Careem is a Dubai-based super app with operations in over 100 cities, covering 12 countries across the Middle East, Africa, and South Asia regions. : When we raised our CVC, we actually promised ourselves that we will get away from that mindset, that were not going to keep patching things because that whole debt was starting to catch up to us. And in the beginning, you know, I was spending a lot of time in these different markets, just making sure that I educate the people that are starting on how to run this business. And the last is take ownership of Careem. It requires some implementation. You can test people on them. Mudassar Sheikh Net Worth 2023: Wiki Bio, Married, Dating, Family : Now the first two, well win by being local and well win by being speed automatically translate into empowering the front line as much as possible. The exponential growth of Careem roots from the values the company has instilled in its operations. Like off the record, I can say the number, but I think it was quite a bit, almost twenty exact number, right? Mudassir Sheikha: A certain relative scale to be competitive in the offering that youre providing, not in anything else. : The first principle is driven by mission and values. The particular context that somebodys in. : In fact, if anything, I felt I was busier two years into it than I was busy in the beginning because there was just a lot more to manage. : Yeah. : So would it be possible to get us a weekly calendar? Basically these are starting routes for now. I mean, now were not getting growth because that thing is no longer working. You did something inspirational. : Yeah, for us it was we will figure it out. What percent of the times is a car available? So slowly your matrix has sort of been built out and you can judge very quickly whether somebodys in the range or not. You know, just the norms. What are the things that surprised you about that transition from when you go to knowing everything thats happening and acting on each of the things that are blowing up, to knowing that Im not going to know a lot thats happening? The things that we commit to our wives that we will do on a weekly, monthly basis. But for the most part, the thing that changed is instead of managing and doing things directly, we started becoming a lot more KPI- focused and when there were big deviations on the KPIs, then we got super, super involved. We didnt take it to the extension where it should have gone. And now, of course, were many times that size now. So if theres an activity that needs to be done, the first place that it actually should be done is the city. Careem Co-Founders | Mudassir Sheikha & Magnus Olsson - YouTube And sort of it was within range, right? In your case, its been constant. So if you miss one or two days of growth, thats going to be very, very difficult to hit those growth rates because youre not going to be able to make up for that. And now youre coming full circle and going back to saying once you see all the linkages, then you can reliably focus on this side because you know that its going to carry through. : Now, on the family front, I think it was the first couple of years we had set expectations with our wives, that its going to be very, very tough for the first two years. And people get exhausted and they work really hard. but also educated them on professionalism, compliance of rules and procedures, and most significantly, customer service. Every six months, Careem was adding new people to the company and addressing the challenge of holding together the operations with its strong values. So I think the answer is in the competitive nature of this industry. They want to work at multi-nationals and get a stable career. Meaning understanding local opportunities and adapting our product to meet those opportunities. [5], Careem was founded by Mudassir Sheikha, an American of Pakistani[6] origin and Magnus Olsson of Sweden, who had both worked as management consultants at McKinsey & Company. This was not translated to what it means for the different functions because I think if you sit down and think of it, you can do the translation, right? Shikhar Ghosh: So, you know, you started up the company. 1. And the other times are available for meetings, review meetings and so forth. [34] In Saudi Arabia, Careem and Uber have started recruiting women, as part of the Saudi Women to drive movement. So thats been a huge focus for me for the last six months. Mudassir Sheikha: The people processes, the structure. And when KPIs would not be right or would be going up or going down too much, then we would get involved more and start fixing things. We are a business that whose process and systems are behind where we are as a business. And then you have to come up the next play, right? You go in, you show the boarding pass, youre in. Then you have to sort of make sure that it gets embedded in every aspect of the organization. Saturday is my catch up day. : You are serving people in different teams in different locations. Shikhar Ghosh: But the question is how do you transfer that skill? : So look at the Netflix deck, right, which most people respect. : Yeah. Youre not listening to them. So we started that exercise, but we didnt complete it. Thank you very much. We sent it to each other. So we were very hands-on and theres a culture of being hands-on at Careem. Mudassir Sheikha: So we just need to now build that operating system, we call it the Careem operating system, thats going to enable us to build this thing and realize the vision. Exactly. Both on the captain side and the customer side. Mudassir Sheikha: Some of the people processes is another part of it. And, you know And its not something that is easy to do as well, right? If youre running a business of hundreds of millions of dollars, a mistake is many millions. Think big. So to the moon and beyond, be of service. Every 15 minutes we know where a city is vis a vis last week the same time. Now, if you allow all the cities to do their own pricing, then youre probably going to leave, youre going to make mistakes because its very sophisticated. Default is city, but guess what? Not yet. Shikhar Ghosh: And then youve got to have some process or approach by which you can even judge whether the person is a values fit or not. Because as we have said multiple times, smart and very capable people, they dont want to work at startups. They ruled in favor of the TNCs, ensuring that they can operate legally and provided legal protection for the TNC drivers who had been facing attacks by both state police and angry taxi drivers. Uber kept the Careem brand, with Mudassir Sheikha and Magnus Olsson stayed on as the company leaders. And this is not just in growth, but this is in everything. : Yeah, and you know, since we are closer to the cities and closer to the markets that we operate in than competition, we are in most cases able to find local opportunities before them. Mudassir Sheikha: One is like, look, youre not at home much, so youre leaving at six a.m. sometimes, many times. Careem Co-Founder Mudassir Sheikha announces USD 2 Million for LUMS Shikhar Ghosh: And are you able to keep the weekend blocked off? : Somebody that we had in class one day was talking about profitability as being like jet fuel for an airline. Legality of ridesharing companies by jurisdiction, "Careem eyes potential expansion to 250 cities in MENA", "Mideast ride-hailing app Careem raises $200 million to expand, expects more funds", "Uber buys rival Careem in $3.1 billion deal to dominate ride-hailing in Middle East", "Careem NOW: Engineering a robust and scalable food delivery application", "Careem Pay launches digital wallet for money transfers, withdrawals in UAE", "Tech in Asia - Connecting Asia's startup ecosystem", "Meet Careem: The Uber of The Middle East", "Uber-clone vows safe, affordable ride. But youre across multiple countries, and these countries have very different cultures. And people get exhausted and they work really hard. You did something inspirational. Everyone says value is important. Mudassir then joined the founding team of mobile testing and monitoring startup, DeviceAnywhere, where among other things, he . And then become a lot more involved in the hiring and the onboarding process. Now, of course, it could be cause and effect but when weve invested in people and getting people excited, weve actually seen growth happen I those markets. You know, whats the completion rate of the trip? It requires a lot of, in deciding of the market, analytics. So we made some progress on it and if you think of our position, our strategic position vis a vis others in the industry, you know, we ar a local player that has to compete with someone that has more money. And now we had five different ways of running Careem because these five different leaders were not working in a consistent, coherent way. How do you transfer that, then? So just like the buses that we had in the subcontinent where you open a thing, it tells you this is the nearest bus station, go ahead walk to that bus station, the bus will be there at this time. Thats a very unusual thing. What will happen? It will slow you down in the very, very beginning because it requires some thinking. And then become a lot more involved in the hiring and the onboarding process. Well win by running faster than them so if an opportunity comes up, something changes the market, were able to run and make something happen. Mudassir Sheikha - Author Biography | Entrepreneur I get this question all the time from people-. : But we unfortunately are in an industry that is-. Careem makes a permanent shift to "Remote-First" - LinkedIn We signed it. So that expectation-setting held us for at least the first two years. : So, you know, all of that is driven by the external world, right? We just thought get the right people in place and they will figure out what to do. So you always have to, so this is what we keep telling ourselves, we have to always be better than competition. Youre not listening to them. How does $15b compare to net worth of 100 richest Qatari men? : But you didnt even have a performance management process, right? How to work with our systems. And the third one is theres some things that the country or Dubai needs to control, right? And even if they find those local opportunities at the same time as us, were able to prioritize them much before them. How do you think about that? Co-founder and CEO Mudassir Sheikha shares how creating a distinct culture helped Careem navigate the challenges of scaling. You can do it. Then you have to sort of make sure that it gets embedded in every aspect of the organization. Mudassir Sheikha: So this real-time nature of the real time transparency allowed us to catch any issues a lot faster and then react to them. Should you Careem around Karachi, Lahore? And then people start adjusting to the new reality. Legal, regulatory thing? : So in the Careem operating system, one of the principles is invest in experience to get growth. So for me, I remember it included at least being home on Fridays. [1][2], Mudassir grew up in Karachi, Pakistan. And sort of it was within range, right? . : And the cause-effect relationship is never completely clear. Mudassir Sheikha: So by going through that exercise of putting these down, you started building conviction. Exactly. Saturday is my catch up day. Copyright 2023 Entrepreneur Media, Inc. All rights reserved. : Right. Mudassir Sheikha: Like the customer relationship. And youre always doing things in a hacked up way to buy yourself another few months, right? Shikhar Ghosh: And the KPIs were mostly output-oriented? So you want them to behave differently if its a critical problem versus its not a critical problem, and so on. And please figure out the HR side of it, right? And I just have to trust that the person on the scene is going to do that? [39] 200 of these employees will become Dirham millionaires, whereas almost 75 will become dollar millionaires for their shares reports The National. We believe that the benefit of hyper-transparency is well worth the costs. During its first two years, to compete against Uber, Careem grew at an unprecedented rate of 30% per month. Mudassir Sheikha: The first principle is driven by mission and values. I know the Middle East very well having worked for Dubai headquartered The Entertainer (who are 50% owned by The Abraaj Group) I spent a year based at Abraaj's London HQ in Mayfair when I founded the UK business and I travelled reguarly to Dubai and the Middle East during the two and a bit years I was with the company.
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