mudassir sheikha net worth

: Yeah. Careem is the first unicorn in the Middle East and a game-changer service for the region. And in the very beginning, even the people that were doing different things were sitting very close to us, so we knew everything that was happening. And so the pressure on the top comes down a little bit. Anything outside of it, we want it to be as local as possible. Shikhar Ghosh: So, you know, all of that is driven by the external world, right? So these are people that are super capable that we trust. Shikhar Ghosh: And the KPIs were mostly output-oriented? 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. An ever-expanding vision. 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. Calling their employees as Captains, was the first step to bring respectability to their profession. Client satisfaction, repeat work from those clients, and there was a belief that if you focused on these things, then they dont have anyone to follow, right? "You have to think big from day one," said Mudassir. So at that point, we rolled down what we called a family contract. : 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 youre always doing things in a hacked up way to buy yourself another few months, right? Building upon his experience of working in a Silicon Valley early-stage VC fund, and a mobile testing startup that was acquired by $60 million, he started his mission to develop something meaningful after leaving a secure career at McKinsey. Default is city, but guess what? Legal, regulatory thing? Be super, super ambitious. And who's more known worldwide for their important work, Moza or a bank CEO? In your case, its been constant. For the next 10 years, he set a goal for building an institution from the region that delivers great products and creates a positive impact on the regional population. Mudassir Sheikha: And the second thing which has happened, and you know, we had a conversation six months ago where I think you said something very interesting. And basically what that meant was every leader that came in started running their units in ways that made sense to them, based on what they had done prior. But for them, Riyadh is probably much lower in the pecking order. You did something inspirational. That would have saved us a lot more time and effort down the road. It was when it breaks, were going to fix the problem that broke. How does $15b compare to net worth of 100 richest Qatari men? Youve got sort of 18 working hours in a day and you have to do the practical things. Legal, regulatory thing? Youre not listening to them. It would have made us, you know, correct a lot of the hiring decisions. You have to be involved in the process, you have to steer the process, you have to ride the process. Mudassir Sheikha: So this product market fit is a continuous thing. : So well hopefully create these type of initiatives-. : But at the same time, you know, youve got 24 hours in the day. Like, okay, yes, if we had done something differently back then, then this would have actually saved us a lot more time. Mudassir Sheikha: So there was definitely a transition from doing everything to then having people who were doing things. We are a business that whose process and systems are behind where we are as a business. The previous model we used with our restaurant partners did not live up to our mission; so, we pivoted. And now we had five different ways of running Careem because these five different leaders were not working in a consistent, coherent way. At that point, we were a bit speechless because we felt that things would get better in two years from when we started the business. And now, of course, were many times that size now. But generally, Friday Ive been able to block. So youre basically not there when theyre awake. And thats the main driver of high growth rates. 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. : If you are constantly looking at these numbers and chasing people when numbers are low, then after a certain point, people start looking at these numbers proactively. We work on a daily cycle, so we improve 30 times as much, you know, within that same period of time. Youre constantly thinking of whats happening in the business or Its actually even more frustrating for them because youre there, but youre not there. You know, one of our first things was driven by our mission and values. Shikhar Ghosh: And then shes the one who has to think through all of the day to day things and build a team and do all these things. 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? So, you know, in this first part of the journey, say up to CVC or so, you were hands-on on everything. 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. Copyright 2023 Entrepreneur Media, Inc. All rights reserved. : And it takes time, it takes thinking. I get this question all the time from people-. When is this going to get better? https://hbsaccelerate.wistia.com/medias/cscc8k9qrv?embedType=async&videoFoam=true&videoWidth=640. The living conditions of these drivers were appalling. You know, we feel its okay to ping our databases every 15 minutes, thats fine. Have you actually started working less as a result of that? So instead of people looking at growth rates, were in the process of shifting to the input KPIs, which people can influence and then the growth is an output. Why such high growth rates? [7] It started operating in July 2012 as a website-based service for corporate car bookings, and evolved to become a ridesharing company with car hire for everyday use. And what gets done in Dubai, which is our head office. Co-founder and CEO Mudassir Sheikha shares how creating a distinct culture helped Careem navigate the challenges of scaling. It has been a company that measures its growth rate in increments of 15 minutes across multiple countries, cultures, and the services it offers. Can we help you with anything? Like many things that we should have done differently, whether it is in financial processes, or the technology side, they were starting to leave a lot of skeletons that we were then having to go back and fix. Why can it not be in the Middle East? You know, just the norms. But to sort of get it in that shape probably took a lot of time and a lot of thinking and a lot of iteration, right? The next year it was why just the GCC? So not much changed. The numbers dont change immediately. We signed it. : So even if you create new businesses, if the operating system is robust enough, then it will morph into that. With over one million captains spanning across 100+ cities, Careem embraced the diversity of different cultures to build for scale. A Karachi born Mudassir Sheikha was taken aback when he discovered that Pakistan has only one billion dollar company, outside the oil and gas industry, that is an FMCG company. : 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? So we have these three value pillars and there are 12 values. So then you dont have to look at these numbers because everyones looking at these numbers. So for me, I remember it included at least being home on Fridays. They feel aligned and driven to make it happen. : Every year that vision sort of expanded. But the food delivery or the telecom or the anything else that you start is again going to be brand new, with all kinds of new problems. : Because the context is so important, right? Mudassir Sheikha: I think the big turning point was when we started going to new markets, which is when we started having people that were running different cities that were away from us. But generally, Friday Ive been able to block. And automatically are starting to get absorbed in what the system does, versus what people do. Mudassir Sheikha: Yeah. Lets try to create some management layers that will create some sanity to it. It completely exceeded our expectations of speed and growth. : Also the size of the fall is much bigger. Shikhar Ghosh: So last question and then we can stop here. So these are the four things that well do to win. Define the values and the culture that you want to create. Both companies apps will also continue to operate under separate brands. So it was difficult to get the caliber of people that we were hoping to get. Women were legally allowed to start driving on 24 June 2018, and Uber and Careem women drivers were able to start working on the same day. And the other times are available for meetings, review meetings and so forth. You and the founders. [5], Careem began as a ride-hailing service in Dubai and soon expanded to other cities across the Middle East, North Africa, and South Asia. And that will be true of product and itll be true of markets, itll be true of this thing. Mudassir Sheikha: Profitability then is an output, right? I think one is weve been able to build a leadership team thats a lot more capable than what we had ever before. How to work with our systems. And Ill see the growth, but as soon as that promo code is over, the growth will vanish, right? This thing will start creating incentives for people to take risks. CNBC Transcript: Careem CEO Mudassir Sheikha Speaks with Hadley Gamble from the CNBC Evolve Global Summit. So that says that this is by far the most effective sort of way that you can do it. Search for: Search. Mudassir Sheikha: I hope thats happening. That puts a huge tax on you, individually, right? The task at hand was to find a meaningful purpose for the business they wanted to build. Regulators are typically national. Mudassir Sheikha: So by going through that exercise of putting these down, you started building conviction. Where we, you know, we were giving people feedback, right? If youre running a business of hundreds of millions of dollars, a mistake is many millions. So we tried that. 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? : It had some validity, it had some relevance. Basically these are starting routes for now. I enjoy driving commercial strategy. Shikhar Ghosh: Also the size of the fall is much bigger. So that says that this is by far the most effective sort of way that you can do it. : You know, why not 10% a month? Most of them were living in groups in a single room and working the entire seven days to send money back home. Fiance, Age, Net W Who is Bernice Burgos? And we are basically funding her and we are supporting her to make this thing happen. And family does suffer. Mudassir Sheikha: Not at the moment. Mudassir Sheikha: A certain relative scale to be competitive in the offering that youre providing, not in anything else. Like, okay, yes, if we had done something differently back then, then this would have actually saved us a lot more time. "From seeing a startup go belly up, Careem CEO Mudassir Sheikha has come a long way", "CNBC Transcript: Careem CEO Mudassir Sheikha Speaks with Hadley Gamble from the CNBC Evolve Global Summit", "Careem CEO says the Middle East is 'not very far' from seeing more billion-dollar start-ups", "Uber buys rival Careem in $3.1 billion deal to dominate ride-hailing in Middle East", "Dubai's Careem rides high after $3bn Uber buyout", "Meet The Unicorn That's Beating Uber In The Middle East", "Careem's Mudassir Sheikha on Co-Founders, Establishing Culture & Balancing Family at a Rapidly Scaling Startup", "Co-Founder Careem, Mudassir Sheikha Donates USD 2 Million to LUMS Syed Babar Ali School of Science and Engineering | Welcome to LUMS", https://en.wikipedia.org/w/index.php?title=Mudassir_Sheikha&oldid=1150982003, This page was last edited on 21 April 2023, at 05:42. : Yeah, its a good question. And when you make the hard choice, you know, I can get more revenue by doing this, you know, heres this person who is our best salesperson, but hes a jerk to all the employees. Even weekly is unusual, right? You have to be involved in the process, you have to steer the process, you have to ride the process. So that task was a surprise that in the role that Im playing now, you know, I can look at Magnus and look at Abdulla and say, look, you guys should play that role, even though they do that role but I feel now this is my responsibility now as the CEO of the business. If its a necessary part of it, but its the customer service, its the on time, you know, its all of those things. Careem received seed money of US$1.7 million in a round led by STC Ventures in 2013. We were a bit naive when it came to architecting how we work and the culture that we wanted. Two years ago now? : So some of these things like analytics, growth hacking, in general, the product is expanding to cover these things. So you always have to, so this is what we keep telling ourselves, we have to always be better than competition. So if you believe that your competitor is targeting these type of growth rates, then you cannot be targeting less than your main competitor. I think some of these things are tested locally as well. And at some point, there were many people reporting to me and Magnus said, look, this is not sustainable. 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. Angel, Fund of Funds, Venture Capital), Number of Investments the Individual has participated in, Number of Investments the Individual has partnered in, Total number of current Jobs the person has, Total number of events the individual appeared in, Number of news articles that reference the Person, Careem expands to Sudan with the launch of operations in Khartoum, Careems tech drive: Going beyond mobility, Careem says restaurants got the short end of the stick, cuts commission for food delivery, The Year That Was: Mudassir Sheikha, Co-Founder And CEO, Careem, Chasing scale: A Pakistani investors insight. But there was no sight of things getting better. Uber Technologies has agreed to buy Careem in a $3.1 billion (Dh11.39bn) deal that is the largest technology sector transaction in the Middle East so far, eclipsing Amazon's $580 million acquisition of Souq.com in 2017.. Once the transaction is completed early next year, Careem will become a . The idea for a transportation service oc. [15] The service was discontinued in early 2020. : Like the customer relationship. We didnt take it to the extension where it should have gone. So slowly your matrix has sort of been built out and you can judge very quickly whether somebodys in the range or not. This is something that you as the CEO need to own. Mudassir Sheikha: Theres no fixed time but generally nine, ten p.m. Shikhar Ghosh: Okay. Mudassir says that when the offer came up, he and Magnus looked to their original purpose for guidance. Some of the Careem executives other than Mudassir Sheikha, Magnus Olsson, and Abdulla Elyas whose net worth will skyrocket after this transaction are likely to include: Ankur Shah , Chief Finance . Six months later, competition does the same thing. Thats when people really look and see. And experience is both captains, customers. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Your email address will not be published. So this is something that we didnt pay enough attention to at the beginning, that in hindsight we would pay more attention to. : The second type of role that a country or Dubai can play is a service provider. : And the KPIs were mostly output-oriented? So these are the experience KPIs both for the captain and customers. So shes making all the decision. At which point, there was some resignation that it is what it is. So if you believe that your competitor is targeting these type of growth rates, then you cannot be targeting less than your main competitor. Basically these are starting routes for now. So basically what happens is lets say, you have this great product that customers love. Mudassir Sheikha: So there are least two things which are different now than before. Well win by having much better people and by having a culture that drives a certain mission and vision type of behavior. What will happen? So the kids I generally see on the weekends. . The first is the default location for any activity is the city. : Right. So you want them to behave differently if its a critical problem versus its not a critical problem, and so on. So scale is important. The first is the default location for any activity is the city. And focusing on people is not just focus on individuals, but focus on the culture-. And where weve had leaders that have not invested enough in people, weve actually seen growth over time slow down. This deck probably took a long time to build and Im sure it gets iterated every now and then. And now in the next couple of weeks, were launching buses in Egypt. So these are people that are super capable that we trust. So the thing that we have done is weve defined a very clear vision of where we want to be in 2030, right? And so youre going to go through similar cycles of growth. Mudassir Sheikha and Magnus Olsson are the founders of Careem, the largest ride-hailing platform in the Middle East. Shikhar Ghosh: But for example, if you have something that says that people who work for us should have opportunity. And then become a lot more involved in the hiring and the onboarding process. In fact, they were helping us-. We are a business thats growing rapidly. Shikhar Ghosh: And the competitions telling themselves the same thing, so its this constant movement. If Qatar's Sheikha Moza is worth $15b, she's undervalued. She assembled a team, asked us to fund this thing. Like ambition. Mudassir Sheikha: This is not going to happen without you owning it and driving it. Shikhar Ghosh: Like the customer relationship. But the food delivery or the telecom or the anything else that you start is again going to be brand new, with all kinds of new problems. So to the moon and beyond, be of service. Theres a lot of learning that happens across all these markets thats common, even though theres differences. Mudassir Sheikha: Building a structure. We already captured that segment. Shikhar Ghosh: What did you expect it was going to be when you first started? You have to be at a certain scale to be competitive. Both ride-hailing companies will operate their respective regional services and independent brands. : So look at the Netflix deck, right, which most people respect. [8], In 2015, the company acquired a Saudi-based home service company and Abdulla Elyas joined Careem. : Well, so you have to institutionalize it, right? And when that service is provided, it needs to have very clear SLAs. [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. Even weekly is unusual, right? Mudassir Sheikha: Experience is an interesting one, right? And then profitability follows. "At Careem, our mission is to simplify and improve lives. Mudassir Sheikha: 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. And get some early head start in this business. You have to keep finding the next thing thats going to give you a differentiated product, a better product that will command a slight premium on prices because we arent able to be cheaper than them. How do you think about that? Shikhar Ghosh: So, you know, you started up the company. Mudassir Sheikha LinkedIn. But youre across multiple countries, and these countries have very different cultures. : Youve been talking about the vision of slowly desegregating the pressure so it all doesnt come to the talk. Shikhar Ghosh: So at what point, you know, we hear many companies go through two years of growth, right? So Saturday I catch up on things that have to be done that I didnt get a chance to do during the week, so Fridays off. [2] In Saudi Arabia, women make up 80% of the company's customers. And what have you learned about that? Shikhar Ghosh: So this particular thing is driven a lot by the industry that youre in? Shikhar Ghosh: Yeah. So youve done it a hundred times, right? : And are you able to keep the weekend blocked off? Mudassir Sheikha: Yeah. So I can tell you that Karachi has grown five point three percent from last week. So this is something that we didnt pay enough attention to at the beginning, that in hindsight we would pay more attention to. Let me just be out there and make sure that we are hitting our growth numbers and we are competing and we are doing the right things. Two hundred employees will become dirham millionaires and about 75 will become dollar millionaires. So thats something that weve done in the last-. Mudassir Sheikha: Yes, of course. It was a very short time to build any kind of technology, and they skipped a lot of features and launched the service.

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