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. So then you dont have to be as proactively pushing for it because now I know that people are looking at these numbers, right? 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. [50], Careem has been a supporter of Cricket for a Cause and has supported the league's efforts to raise funds for children in developing nations. 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. So these are experience KPIs that we look at that tell us what retention rates will be for customers on some longer term basis. Even when youre there, youre not present. And if he do them well, then a lot of the metrics start improving and we started seeing healthier growth happen as a result versus just trying to see, hey, I need 10% growth tomorrow. Shikhar Ghosh: And is it that growth itself, you know, so people like I think it was eBay, originally, that would change its system every day, every night and they would say, you know, so if Amazon is doing Amazon auctions, they would say Amazon works on a monthly cycle, which they think is great. Unlike various impact focused companies that focus on the end user, Careem started with its employees. Shikhar Ghosh: Right. Six months later, competition does the same thing. Now, when we put that down we of course debated a lot internally. This thing will start putting the right people behind the right rules. : I think 15 minutes or 30 minutes is within the same range. I think some of these things are tested locally as well. Shikhar Ghosh: So quick question, why do you have to hit such high growth rates? We were obsessed with weekly growth rate. So if you look at the first business plan that we presented to investors, we basically said we will be, I think it was 50 million dollars in revenue by 2017. : So look at the Netflix deck, right, which most people respect. Mudassir Sheikha: The purpose is to simplify lives of people. And then you go home at? They want to work at multi-nationals and get a stable career. What gets done in the country? So the kids are asleep, then? Shikhar Ghosh: And the KPIs were mostly output-oriented? And then what you realize is one, this business is 24/7. And youre coming at midnight. And so youre going to go through similar cycles of growth. Like off the record, I can say the number, but I think it was quite a bit, almost twenty exact number, right? Mudassir Sheikha: Some of the people processes is another part of it. Its sugar high that you get in that process. Otherwise, well push more and more stuff down to the city level. 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? : Then we realized that we should become the public transport system for our cities because the public transportation systems were not existent like they were in Europe and the U.S and elsewhere. Okay, this is what I want, now do it. [42], Uber and Careem faced heavy criticism in Egypt at the beginning of 2016 by local taxi drivers for operating without official taxi licenses. Mudassir Sheikha: Yeah, I think its a good question. [23] In December 2016, the company raised US$350 million in a Series D round, based on a US$1 billion valuation for the company. 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. For the audience joining us on Zoom, he took live questions.GUEST BIO:Mudassir . 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. And then you say, so what does that translate to what people have to do? What started in Dubai as a grassroots ride-sharing app back in 2012 has evolved into a . How to work with our systems. 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. Mudassir Sheikha: And on the captain side, similar KPIs. Both companies apps will also continue to operate under separate brands. But generally, Friday Ive been able to block. When [inaudible] was picking up a call and speaking to a customer, I could overhear [inaudible] because he was sitting next to me. Thats what creates a lot of stress. And what gets done in Dubai, which is our head office. Maybe this thing that were doing will not even materialize. They all knew it was going to be tough. Everyone says value is important. Were we giving people feedback on the values? So lets say some city needs to grow 30% a month, which means seven percent week on week and theyre only growing three percent week on week when I look at the screen, then theres clearly an issue, right? Whats their culture, whats their DNA. 1/2. And there are cultures in which, say women, dont have positions of authority or its harder for them to exert authority. Mudassir Sheikha: I think 15 minutes or 30 minutes is within the same range. Shikhar Ghosh: But there are common systems, right? So its just the real time nature of the business and the realizing that we have to hit high growth rates and reacting faster if somethings not right. Or the systems that have to run, you know, like a railway thing. Its not a static thing that we reach and we-. I dont know remember what Magnus had. Shikhar Ghosh: Yeah. Prior to Careem, Mudassir was an Associate Partner at McKinsey & Company, where he advised clients on strategy and business building. : And are you able to keep the weekend blocked off? So it was difficult to get the caliber of people that we were hoping to get. Four of us sat down, Magnus, Sara, me, Saba, and we basically wrote down what we called the boundary conditions. This deck probably took a long time to build and Im sure it gets iterated every now and then. And we started that exercise. 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. Share a story with me, asra@techjuice.pk, India Expects Apple to Triple Investments and Exports Over the Next Few Years, Snapchat Explores Newer Ways to Make Money While Sticking to its Roots, Twitter Goes into Meme Mode as Babar Azam, Virat Kohli, Cristiano Ronaldo Lose Blue Ticks, 10 Ways To Make Money Through Virtual Reality, At Auto Shanghai 2023, Honda Unveils Three Electric Vehicles, ChatGPT Will Soon Be Able To Replace Teachers: Bill Gates, Artifact, An AI-Tool That Summarizes And Simplifies Lengthy Articles, Super Chat An AI Chatbot that Will Allow You to Talk to Fictional Characters. At which point, there was some resignation that it is what it is. It will slow you down in the very, very beginning because it requires some thinking. What were the things that surprised you that as you grew, you know, what were the things that you came in and said, well, this is sort of different from what it was, what I was thinking it might be? Well win by having much better people and by having a culture that drives a certain mission and vision type of behavior. [20][21][22] In October 2016, the company reached an agreement with regulators in Dubai whereby customers are able to book all taxicabs and limousines operating in Dubai via the Careem mobile app. : So there are least two things which are different now than before. If youre running a business of hundreds of millions of dollars, a mistake is many millions. So it was very incremental and as it fired up, we solved it. Shikhar Ghosh: So what does your day look like? It completely exceeded our expectations of speed and growth. So these are people that are super capable that we trust. And now, of course, were many times that size now. [33], In Pakistan, Careem employs women drivers. : So you want to do the values in a particular way. : So, yes. : So whats an example of an input KPI that would affect growth? So to the moon and beyond, be of service. 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 . : Also the size of the fall is much bigger. 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. Not, you know, head of HR or not people person. In an interview with Al Arabiya, Careem CEO Mudassir Sheikha says the UAE-bred ride-hailing service will expand its latest fintech venture, digital payments. Shikhar Ghosh: So why every 15 minutes? The company also has locations in Najaf and Erbil, Kurdistan Region. Both on the captain side and the customer side. That would have saved us a lot more time and effort down the road. Friday is a working day in many parts of the world, so Friday is when we do meetings with investors. : 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. Now, I dont know how long we followed that contract, which was sort of the sad part. That vision keeps getting communicated to everyone that is at Careem, joins Careem. Once we do this, we can actually start doing a lot more than passenger transport. The morning times, of course, are fully blocked for thinking. It would have made us, you know, correct a lot of the hiring decisions. With over one million captains spanning across 100+ cities, Careem embraced the diversity of different cultures to build for scale. I would like to do this. Thats the default one. : Yes, of course. They did not want to be another ride-hailing service. This was a five-year business plan that was prepared in 2012. And then profitability follows. : Right. Now, I dont know how long we followed that contract, which was sort of the sad part. So then you dont have to look at these numbers because everyones looking at these numbers. So thats been a huge focus for me for the last six months. Careem is the first unicorn in the Middle East and a game-changer service for the region. [34] In Saudi Arabia, Careem and Uber have started recruiting women, as part of the Saudi Women to drive movement. So that vision has been defined and that vision has been somewhat detailed as well at the next level. Shikhar Ghosh: Like the customer relationship. And who knows what happens in six months? : Yeah. She assembled a team, asked us to fund this thing. And then people start adjusting to the new reality. And the front line for us is the cities. Keep improving and stay humble. [41] : So should pricing be done at the city level with some advisory support from the country? . You know, all of that. : You know, we havent tracked it fully yet, right? So we would only patch things and buy us six months. We were a bit naive when it came to architecting how we work and the culture that we wanted. 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. 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. . : So quick question, why do you have to hit such high growth rates? So would probably have an edge in how much they can invest in our markets and they might have better core technology than us. So they are starting to become a part of the product. And automatically are starting to get absorbed in what the system does, versus what people do. The movement of things as well. Processes were working fine three months ago but theyre not working now. Like off the record, I can say the number, but I think it was quite a bit, almost twenty exact number, right? : And thats where those transition points were the ones that made the thing taxing, right? : So, you know, you started up the company. So these are people that are super capable that we trust. So this is something that we didnt pay enough attention to at the beginning, that in hindsight we would pay more attention to. Think big. Maybe a month or two months? Head Of Information Security at MacPaw Inc. We'll be in your inbox every morning Monday-Saturday with all the days top business news, inspiring stories, best advice and exclusive reporting from Entrepreneur. And this is not just in growth, but this is in everything. Well win by having much better people and by having a culture that drives a certain mission and vision type of behavior. Published Wed, Jun 16 2021 3:40 AM EDT. But even at relatively high levels in that organization, you had no idea what a business was producing, right? Shikhar Ghosh: And the competitions telling themselves the same thing, so its this constant movement. You know, if you miss growth in one hour, then its going to be difficult to recover in the rest of the day. Mudassir Sheikha: 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. Drive experience for our captains and customers thats going to bring growth. Fiance, Age, Net W Who is Bernice Burgos? 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. Its sugar high that you get in that process. So how do you deal with that? Mudassir Sheikha: The second type of role that a country or Dubai can play is a service provider. 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. When we did the OS, we have these seven principles now. But youre across multiple countries, and these countries have very different cultures. So analytics just as an example. They need to be rallied and they need to be encouraged and they need to be inspired. But my view in looking back at this is it would have saved us a lot more fires. But before that, Shikhar Ghosh, you know, product market fit is a relative thing as well. Not, you know, head of HR or not people person. 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. So thats the way we are approaching those things which require more scientific planning, thinking, and doing. Mudassir Sheikha: Building a structure. Do you think this acquisition will positively affect Careems operations in Pakistan? : And when we even got the right people in place, you know, we got them from different backgrounds and different places, and we didnt do enough upfront to define the culture that we wanted. You know, pricing is a pretty complicated, sophisticated topic that has far reaching implications if its not done right. So we have these three value pillars and there are 12 values. So it was very incrementally, okay, we need to open this market now. And so the pressure on the top comes down a little bit. You need to wow them every time. So that says that this is by far the most effective sort of way that you can do it. Shikhar Ghosh: 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? Before McKinsey, Mudassir spent a decade in the Silicon Did you have it or did your wives have it? So we have these three value pillars and there are 12 values. : You know, this mountain, then the next mountain, the next mountain at the same pace, almost because your growth rate has continued at very high rates. And then you started looking at examples of things that happened before and then you start building conviction, right? This scholarship will allow LUMS to reward the high performing undergraduate scholars at the Syed Babar Ali School of Science and Engineering (SBASSE), inspiring and nurturing a vision for . And what have you learned about that? : So thats been a core challenge for the last year almost, for us. : Well, so you have to institutionalize it, right? Mudassir Sheikha: So this is reinventing yourself and reinventing the way that you do things, every few weeks, every few months. "You have to think big from day one," said Mudassir. : So the day looks like start at four. Today, Careem is the leading technology platform across the greater Middle East and was recently acquired by Uber in the largest industry transaction seen in the region. : What did you expect it was going to be when you first started? We came from a culture that was giving very regular feedback in the consulting days. And who's more known worldwide for their important work, Moza or a bank CEO? Everyone says value is important. The product was able to gain startup funding of USD 1.7 million in 2013 from STC Ventures. Rumours of the said acquisition have been floating around since December 2018. Comparatively the first year of growth was slow for the company, but the next two years experienced a 30 percent growth per month. Mudassir Sheikha: You know, we havent tracked it fully yet, right? The exponential growth of Careem roots from the values the company has instilled in its operations. And experience is both captains, customers. Both ride-hailing companies will operate their respective regional services and independent brands. Theres a lot of learning that happens across all these markets thats common, even though theres differences. And the something new, initially, was markets. And, you know And its not something that is easy to do as well, right? But for them, Riyadh is probably much lower in the pecking order. So that person is living in that context, right? Define the values and the culture that you want to create. The entire company is looking at these numbers. We believe that the benefit of hyper-transparency is well worth the costs. View articles by Mudassir Sheikha. You know, just the norms. We were obsessed with weekly growth rate. Careem has not only tailored the service for its end users but also identified the unique challenges associated with the labour pool that is mostly immigrants in the Middle East and localized solutions for them. Sheikh Faisal Bin Qassim Al Thani had started with modest start-up capital in the 1960s as a small local trading company. Shikhar Ghosh: So would it be possible to get us a weekly calendar? We were a bit naive when it came to architecting how we work and the culture that we wanted. Maybe a month or two months? You know, now is that something that you defer to the local, or is it something that you say, no, as a Careem, we have certain values that supersede anything thats local? : And this would have been your job. So youve done it a hundred times, right? You know, now is that something that you defer to the local, or is it something that you say, no, as a Careem, we have certain values that supersede anything thats local? And even if they find those local opportunities at the same time as us, were able to prioritize them much before them. Co-founder and CEO Mudassir Sheikha shares how creating a distinct culture helped Careem navigate the challenges of scaling. So we tell people now, dont drive growth. Whats their culture, whats their DNA. Both on the captain side and the customer side. The task and the challenge of getting that right was not as I was nave on that front. Theres questions that you ask and then, you know, based on the responses that you get, you can get a feel for it, right? How do you transfer that, then? Theres questions that you ask and then, you know, based on the responses that you get, you can get a feel for it, right? Where things were fine, we didnt bother. [29], In 2018, Careem announced it was launching a food delivery service app called Careem Now, delivering food and pharmaceuticals, initially in Dubai and Jeddah. Copyright 2023 Entrepreneur Media, Inc. All rights reserved. So that, you just trained the organization to be on it. And family does suffer. And who knows what happens in six months? So thats when Magnus and I would have to be a lot more involved in the business. So Wednesday, for example, is fully blocked for thinking. And even if they find those local opportunities at the same time as us, were able to prioritize them much before them. : Every year that vision sort of expanded. What gets done in the city? : But for example, if you have something that says that people who work for us should have opportunity. Shikhar Ghosh: You know, why not 10% a month? : So this product market fit is a continuous thing. Mudassir Sheikha: I have been able to, except in the last few months when weve fundraising. You know, we feel its okay to ping our databases every 15 minutes, thats fine. And then our families could raise the flag as well and say you guys are not abiding to the contract that you signed with us. The acquisition is subject to regulatory approvals and the transaction is expected to complete by the first quarter of 2020.
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