mudassir sheikha net worth

Shikhar Ghosh: Yeah. Shikhar Ghosh: So, you know, all of that is driven by the external world, right? So they are starting to become a part of the product. Wed but another six months. And then you say, so what does that translate to what people have to do? We didnt take it to the extension where it should have gone. Mudassir Sheikha: So in the Careem operating system, one of the principles is invest in experience to get growth. [32], On 4 May 2020, Uber Eats announced they were exiting the United Arab Emirates and that their services would be offered through Careem Now. And Ive actually made a note of it and I tell myself this every day to remind myself that look, I need to now focus on people that will drive the business. Empowering the front line to make the decisions to do as much as possible that they can do on their own. Do you have a demand issue, do you have a supply issue? I get on the phone and I ask for a bus and a bus comes? So it can be done at the country level. Turned out they were just false assumptions of the market. So if some opportunity comes up in Riyadh, we will prioritize it above anything else in the world, right? : So last question and then we can stop here. "You have to think big from day one," said Mudassir. Support quality journalism and content. A transcript appears after the video. Should you Careem around Karachi, Lahore? They decided to have a conversation with the cab drivers in the Middle East. : A certain relative scale to be competitive in the offering that youre providing, not in anything else. [7], Sheikha is married with a family. And youre always doing things in a hacked up way to buy yourself another few months, right? Theres questions that you ask and then, you know, based on the responses that you get, you can get a feel for it, right? You know, one of our first things was driven by our mission and values. Now, that vision has been defined. Mudassir Sheikha: 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. We want to be the platform that enables internet commerce in this region. [18], In June 2022, Careem suspended food delivery service in Pakistan over unfavorable economic conditions.[19]. And if you miss one day of growth, then its going to be difficult to grow at 30, 40% monthly, which is sort of the targets that we had initially. Its not a static thing that we reach and we-. Just, you know, a typical weekly calendar sort of thing. So I come in, Ive only been there three months. Saturday is my catch up day. And then things would break again and wed buy another six months and then things would break again. So that expectation-setting held us for at least the first two years. And focusing on people is not just focus on individuals, but focus on the culture-. There are review meetings that I do and now I actually block the times on my calendar to do thinking. Okay, this is what I want, now do it. These are the behaviors that we want, this is how we add this to our recruiting process, this how well add this to our performance measurement process. [3] Careem expanded into the food delivery business with Careem Now in November 2018[4] and launched a digital payment platform, Careem Pay in April 2022. : So when you reflect on that, you know, because this is going on and theres no end in sight because the ambition keeps growing, you might reach a point where the systems are in place for the transportation side of the business. 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. And then profitability follows. It has been a little over five years since the global entrepreneurial ecosystem started its obsession with unicorns. Both companies apps will also continue to operate under separate brands. [43][44][45][46], In January, 2018, Careem discovered data on more than 14 million riders and 558,800 drivers were breached. Its Karachi should do something, Lahore should do something and the people that are running those cities need to be empowered to do those things. : So by going through that exercise of putting these down, you started building conviction. So I can tell you that Karachi has grown five point three percent from last week. Well win by having much better people and by having a culture that drives a certain mission and vision type of behavior. Maybe this thing that were doing will not even materialize. Mudassir Sheikha: So product market fit is a constantly evolving thing because you have to be continuously better than someone else that has deeper pockets, that is able to give the same thing that you have, with some delay, at a cheaper price. And the front line for us is the cities. You know, whats the completion rate of the trip? So youve done it a hundred times, right? You get a boarding pass. [40] Have you actually started working less as a result of that? Youre constantly thinking of whats happening in the business or Its actually even more frustrating for them because youre there, but youre not there. Is it wrong? That would have saved us a lot more time and effort down the road. But youre across multiple countries, and these countries have very different cultures. "Sure you can open a retail store, but it's going to be difficult to make it into a large business - a billion-dollar . : Some of the people processes is another part of it. So these are experience KPIs that we look at that tell us what retention rates will be for customers on some longer term basis. And you look at that and you say if Im in engineering or Im in accounting, you know, how do I translate that into do I really want a great experience in accounting? MUDASSIR: So the pace of hiring . In fact, they were helping us-. Shikhar Ghosh: So in 2017, what was your revenue? And family does suffer. And that will be true of product and itll be true of markets, itll be true of this thing. So at that point, we rolled down what we called a family contract. : This is not going to happen without you owning it and driving it. Mudassir Sheikha is the co-founder and CEO of Careem, MENA's leading car booking service that is based out of Dubai and operates from Morocco to Pakistan. You could drive growth differently and probably the healthier way if you target lesser, lower growth rates because then you can focus on the right things, which might take a little bit longer to put in place, but theyll bring healthy growth. You dont know when those plays run out, right? Careem has announced its $3.1 billion acquisition by Uber, the largest technology sector acquisition in the Middle East. Thats what creates a lot of stress. : And on the captain side, similar KPIs. Comparatively the first year of growth was slow for the company, but the next two years experienced a 30 percent growth per month. Shikhar Ghosh: Somebody that we had in class one day was talking about profitability as being like jet fuel for an airline. It grew pretty rapidly, even initially, and then at some point it became clear that your hands are not big enough to do all the things that you have to do. The movement of things as well. So they can provide a service to a city. So at what point did you and Magnus sort of say, weve got to have some discussion with our families, think we should balance this out in some ways? However, the rough estimates also indicate him to be . Shikhar Ghosh: You know, why not 10% a month? [38] Many of our customers will value it for long haul routes. And if you do it at the country level, then youre not going to get the agility that you need or the relevance that you need. Mudassir Sheikha is an American Pakistani business executive and co-founder and current CEO of the Middle Eastern and North African ride-sharing app company Careem that is based out of Dubai, UAE. And then you go home at? Mudassir Sheikha: I have been able to, except in the last few months when weve fundraising. So scale is important. Then you have to sort of make sure that it gets embedded in every aspect of the organization. You know, you can be ambitious in Pakistan and you can be ambitious in Egypt and you can be ambitious in Saudi, right? : Theyre output oriented. Because a lot of times what happens is some strategies or things that work for us today and give us growth today will not be the things thatll give us growth six months from now because weve sort of played those things out. We just had bigger hands and we were still able to manage. Even when youre there, youre not present. So the local adaptation probably gets factored in in some of these things. Second is be of service which is the whole serve our customers, serve our captains. She came up with that idea herself. Today, the company is the largest ride-hailing company in the Middle East and operates in more than 100 cities across 13 countries. : Then you have to live the process. Shikhar Ghosh: So youve got to take each of these values that you had, in some ways, which is sort of this is the way I want people to feel in many ways, right? Mudassir Sheikha, CEO of Careem Operating in more than 100 cities across 14 countries, from Morocco to Pakistan, the group has more than 33m customers and can deploy more than 1.2m "captains . : Yeah, so a lot of the interviews are done, if theres a very local candidate, the results are done by the local person, right, thats going to be the manager for that person. : So we want to start focusing people on the right KPS and then growth will happen. So thats been a huge focus for me for the last six months. And over time, I think just by bandwidth limitations, I had to sort of step back and let people drive a lot of the local business. But thats not what generates anything. But some of these values are universal too, right? Mudassir Sheikha is an American Pakistani business executive and co-founder and current CEO of the Middle Eastern and North African ride-sharing app company Careem that is . So they say, you know, you can focus on profitability like you focus on jet You need it in order to keep the business and so on. But the question is why minutes and not hours or days, right? With the new acquisition deal worth $3.1 billion, $1.4 billion will be paid in cash and $1.7 billion will be in convertible notes into Uber stock. You know, we feel its okay to ping our databases every 15 minutes, thats fine. Thats what creates a lot of stress. [25] Careem is planning to have a female workforce of 20,000 by the year 2020. : And the competitions telling themselves the same thing, so its this constant movement. So then you dont have to look at these numbers because everyones looking at these numbers. Or were we giving just people feedback on their delivery and their performance? Is it wrong? And these values we protect, even if the culture says otherwise, well protect these values and well push these values down on culture. How do we recruit people? [4] In 2020 Uber purchased Careem for $3.1 billion USD. Mudassir Sheikha is one of the globally recognized startup founders after launching of Careem in March 2012. So we were giving people feedback. I just got on the phone with her early today and shes saying theres another small team that is doing something similar that she would just like to get on board full time. I would like to do this. Shikhar Ghosh: So what does your day look like? So the way a manager behaves in Egypt or Pakistan might be completely different. And go to the office, you know, there are bunch of meetings depending on the day and depending on the time of the month. Shikhar Ghosh: So what does that mean? How do you transfer that knowledge? Mudassir Sheikha: When you start thinking of this a bit more, the more you think of these things and the more that you discuss these things, you start building more conviction behind them as well. This thing will start putting the right people behind the right rules. And there are cultures in which, say women, dont have positions of authority or its harder for them to exert authority. So thats what the definition of tough maybe was in the early days. Under Sheikha's leadership, Careem became one of the fastest-growing start-ups in the region, raising over $771 million in funding and reaching a valuation of over $2 billion. 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. At which point, there was some resignation that it is what it is. And the last is take ownership of Careem. And so the pressure on the top comes down a little bit. Theres questions that you ask and then, you know, based on the responses that you get, you can get a feel for it, right? So if lets say, pricing as a topic. : So, you know, in your first values, if I remember correctly, one of them was we will I think you phrased it as we will always create wow of some kind, right? And then what was also happening in the early days is we had no customer service. If you dont deliver them the right experience, and they get a certain quality of experience from within Careem, how can we expect them to deliver an outstanding experience outside of Careem, right? They know what theyre doing and they are extremely driven and in line with the mission and vision of Careem. : So if you were starting a company again, or youre advising somebody whos starting a company thats going through a similar ride in terms of the growth, what would you tell them to do?

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