We work on a daily cycle, so we improve 30 times as much, you know, within that same period of time. : Youve been talking about the vision of slowly desegregating the pressure so it all doesnt come to the talk. Legal, regulatory thing? And they give that thing for 20% less than what youre giving. : Someone, one of our colleagues that worked with us on the OS, he asked me, do you know where Mackenzies revenue was? I get this question all the time from people-. Search for: Search. What ETA do you get? How do you transfer that knowledge? [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. You did something inspirational. From that came Careem. July 22, 2022. Mudassir Sheikha: The purpose is to simplify lives of people. Think big. And then one thing led to another. "At Careem, our mission is to simplify and improve lives. Spend the first three to four hours just doing the things that Im supposed to do, which a lot of times is thinking through some of these topics that require more deliberate thinking. And this is not just in growth, but this is in everything. : And this all analytical in the sense that you could just look at the numbers. 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. Or the systems that have to run, you know, like a railway thing. And you have the features that they want, the payment methods that they want, the interfaces that they want. But guess what happens? 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. Shikhar Ghosh: And are you able to keep the weekend blocked off? In fact, they were helping us-. We were obsessed with weekly growth rate. Thats when people really look and see. And get some early head start in this business. [38] 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. You could almost do any of the jobs yourself. Mudassir Sheikha: One is like, look, youre not at home much, so youre leaving at six a.m. sometimes, many times. Personally as well, but also reinvent the way that youre doing things. Why such high growth rates? What is the quality of customers that were giving him which is measured by the ratings that he gives to the customers. Friday is the day that I-. Transportation Acquired Companies With More Than $100M in Revenue, Transportation Acquired Companies With More Than $50M in Revenue, Asia Acquired Companies With More Than 50 Employees, Logistics Acquired Companies With More Than 100 Employees, Customer Service Companies With More Than 50 Employees, Polytechnic University of Turin Alumni Founded Companies, United Arab Emirates Acquired Companies With More Than $1M in Revenue, Quinnipiac University Alumni Founded Companies, Number of portfolio companies associated to the Person, Total number of current Advisors and Board roles the person has, The organization associated to the person's primary job, Where the person is located (e.g. We just had bigger hands and we were still able to manage. : 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. The exponential growth of Careem roots from the values the company has instilled in its operations. So these values, theyre somewhat universal, right? We sent it to each other. 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. It didnt seem impossible to pull off. Even a manager who follows the basic good principles that you have, these behave differently because thats the way organizations are. 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. It initially started in 4 cities and grew to over 100 cities in 14 countries in the Middle East, Asia, and Africa since its inception in 2012. "Sure you can open a retail store, but it's going to be difficult to make it into a large business - a billion-dollar . And focusing on people is not just focus on individuals, but focus on the culture-. What is the quality of customers that were giving him which is measured by the ratings that he gives to the customers. 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. You did something inspirational. But youre building a structure to do that. And now we had five different ways of running Careem because these five different leaders were not working in a consistent, coherent way. Theres questions that you ask and then, you know, based on the responses that you get, you can get a feel for it, right? 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? 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. You know, pricing is a pretty complicated, sophisticated topic that has far reaching implications if its not done right. So if you believe that your competitor is targeting these type of growth rates, then you cannot be targeting less than your main competitor. Shikhar Ghosh: Also the size of the fall is much bigger. Were we giving people feedback on the values? So this was something that she, being from Egypt, understood the opportunity, understood that there was a need for it. : 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. You can say, okay, wow for someone in finance means your customers are not just the external customers, which is you have a limit of external interaction as well, but a lot of your customers are internal, right? : Yeah, so it wasnt really that you said, oh, if were going to be this many people, we need all these processes, lets design the process. 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. The 4000 Careem employees who had stock options included its pool of executives, developers, and engineers working across all locations of the ride-hailing companies for operations and R&D. Vince Staples net worth, height, age, family, dati Muni He (golfer) Wiki Biography, age, height, boyf What happened to Stephanie Soo? Why such high growth rates? This thing will start driving and incentivizing people the right way. Shikhar Ghosh: Like the customer relationship. So we have these three value pillars and there are 12 values. : But there was a process, right, where we were even testing people on values. How do you balance the tax that you place on yourself and therefore on your family, therefore on other choices that youre making. Not yet. Then after that, we said why just, you know, passenger transport? Mudassir Sheikha: Someone, one of our colleagues that worked with us on the OS, he asked me, do you know where Mackenzies revenue was? So, you know, in this first part of the journey, say up to CVC or so, you were hands-on on everything. : Yeah, they dont change immediately but weve actually been pleasantly surprised that our colleague NPS, strongly correlates with our growth numbers. 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. How do we recruit people? We want to be the platform that enables internet commerce in this region. [39] Calling their employees as Captains, was the first step to bring respectability to their profession. . And then you started looking at examples of things that happened before and then you start building conviction, right? So Wednesday, for example, is fully blocked for thinking. So scale is important. That would have saved us a lot more time and effort down the road. Six months later, competition does the same thing. She assembled a team, asked us to fund this thing. So it takes them longer to prioritize. Cairo has grown seven percent from last week. So, you know, as the CEO, what have you learned, what surprised you about being CEO of a really fast-growing company? : The biggest learning and the biggest surprise has been around people leadership, right? So I can tell you that Karachi has grown five point three percent from last week. In November 2015, Careem announced a Series C round investment of US$60 million led by The Abraaj Group. So after CVC, we said lets start-. And she basically created a team and went after the opportunity. Both ride-hailing companies will operate their respective regional services and independent brands. Mudassar Sheikh Net Worth 2023: Wiki Bio, Married, Dating, Family Mudassir Sheikha, Careem Networks FZ LLC: Profile and Biography and South Asia. So these are people that are super capable that we trust. [17], In April 2021, Careem launched Careem Pay, a digital wallet for money transfers and withdrawals in the UAE. So after CVC, we said lets start-. She came up with that idea herself. [18], In June 2022, Careem suspended food delivery service in Pakistan over unfavorable economic conditions.[19]. So shes making all the decision. The idea was not just to build a big business, but start one that would have a big impact, be meaningful, and with a mission to simplify and improve lives and create an awesome organisation that inspires. So the default role that a country or Dubai plays is advisory. We didnt really define what these values meant, what kind of behaviors we expected, took enough time at the beginning when people joined to onboard them properly on these values. But the question is why minutes and not hours or days, 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 . And thats the main driver of high growth rates. : So we want to start focusing people on the right KPS and then growth will happen. Mudassir Sheikha: So we want to start focusing people on the right KPS and then growth will happen. 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. The numbers dont change immediately. Youre not going to get it exactly right every time, but youre going to get If you ask the question every time, then you can start calibrating as well. Mudassir Sheikha: So the day looks like start at four. Interview: Mudassir Sheikha CEO & Cofounder of Careem, the $1 Billion Almost 300 Careem employees will become millionaires as a - TechJuice These are the values that we stand for. What gets done in the country? Source of wealth: Al Faisal Holding. So these are the four things that well do to win. Even weekly is unusual, right? 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? So we were very hands-on and theres a culture of being hands-on at Careem. Spend the first three to four hours just doing the things that Im supposed to do, which a lot of times is thinking through some of these topics that require more deliberate thinking. 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. Even when youre there, youre not present. : I think that the thing that was most surprising for me was around people and culture. We just had bigger hands and we were still able to manage. 200 of these employees will become Dirham millionaires, whereas almost 75 will become dollar millionaires for their shares reports The National. And in the beginning, we were not able to hire a lot of senior people that would proactively see that things would not work and reinvent proactively. : But you didnt even have a performance management process, right? [41] So we have at least defined a principle around I and now were figuring out the KPIs that we should put behind it and then we start changing all the dashboards to focus organization on these KPIs. In 2012, he left to form a new company with ex-McKinsey colleague, Magnus Olsson. : 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.