: Theres no fixed time but generally nine, ten p.m. : The kids are asleep. Mudassir then moved back to Pakistan and co-founded DeviceAnywhere, a company that was acquired by Keynote in 2008 before joining management consulting firm McKinsey & Company in Dubai. Shikhar Ghosh: So quick question, why do you have to hit such high growth rates? 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. We work on a daily cycle, so we improve 30 times as much, you know, within that same period of time. Even weekly is unusual, right? You know, one of our first things was driven by our mission and values. And then profitability follows. So that expectation-setting held us for at least the first two years. 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. Fundamentally, we . [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 you have the features that they want, the payment methods that they want, the interfaces that they want. In 2018 in Pakistan, Careem and Robin Hood Army took the initiative to feed more than 10,000 people across the nation.[51]. And automatically are starting to get absorbed in what the system does, versus what people do. I need to get responses in this time, Im going to pay this much money. And then things would break again and wed buy another six months and then things would break again. And the last is take ownership of Careem. Before McKinsey, Mudassir spent a decade in the Silicon. And these values we protect, even if the culture says otherwise, well protect these values and well push these values down on culture. You dont know when those plays run out, right? When is this going to get better? You go in, you show the boarding pass, youre in. And thats pretty much it. Mudassir Sheikha: So the companies that come closest are the companies in China like Tencent or Alibaba in the way they sort of became the platform that others are built on top of, and they provide a lot of the enabling infrastructure for internet commerce. The numbers dont change immediately. Mudassir Sheikha: This is not going to happen without you owning it and driving it. But for you, it feels like its more that this is what you have to do to be competitive, but from a pure sort of market share and all of that perspective. Its not a static thing that we reach and we-. But guess what happens? So shes making all the decision. 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. Which is speak up, take initiative, see things through impact, be frugal, and make sure to be collaborative with each other. Where we, you know, we were giving people feedback, right? If we become cheaper, they will match our prices and go even below because thats the game they can play. What gets done in the city? Mudassirs career in tech started with Silicon Valley startup Brience. These are the values that we stand for. Mudassir Sheikha: The kids are asleep. 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. Check out professional insights posted by Mudassir Sheikha, Join now; Sign in; Mudassir Sheikha. 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? Shikhar Ghosh is a serial entrepreneur, angel investor, and Professor of Management Practice at HBS. Mudassir Sheikha, CEO and Co-founder Careem, Middle East and Pakistan's leading everyday Super App, has made a generous donation of USD 2 million to LUMS to establish the "Sekha Scholarship". : 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. Shikhar Ghosh: Also the size of the fall is much bigger. It has been over years and Careem has not built some of the features in the original bucket list. The particular context that somebodys in. 11) Faisal Bin Qassim Al Thani - Net worth: $1.2 billion. So I can tell you that Karachi has grown five point three percent from last week. So the thing that we have done is weve defined a very clear vision of where we want to be in 2030, right? It requires some implementation. I mean, now were not getting growth because that thing is no longer working. So these are the four things that well do to win. Careem received seed money of US$1.7 million in a round led by STC Ventures in 2013. : And are you able to keep the weekend blocked off? So that person can translate and say look, hes ambitious. Thats the default one. And sort of it was within range, right? Full interview with Careem Founder and CEO Mudassir Sheikha He offers tips on how to prepare for the changes in the CEOs role by sharing how he adapted as processes broke and he struggled to balance family obligations. 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. Mudassir Sheikha will lead the Careem business, which will report to its own board made up of three representatives from Uber and two representatives from Careem. How do you transfer that, then? I dont know remember what Magnus had. Entrepreneur and its related marks are registered trademarks of Entrepreneur Media Inc. Mudassir Sheikha is the CEO and co-founder of Careem. And the third one is theres some things that the country or Dubai needs to control, right? 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. : Because the context is so important, right? : Its an investment for sure, right? "You have to think big from day one," said Mudassir. 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. How much time is the captain spending, getting paid for a trip or is he waiting? The service scaled rapidly by ensuring dignity and respect for its captains, and safe transportation solutions for the masses. So how will we win against someone like that? Whats your sense of the trade off? 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. I get this question all the time from people-. But the path to becoming a unicorn wasnt straightforward or easy. Theres a lot of learning that happens across all these markets thats common, even though theres differences. The exponential growth of Careem roots from the values the company has instilled in its operations. Shikhar Ghosh: And at that point, investors are expecting a certain degree of formality and all of that. Theres always something thats going right and wrong with different markets. : Yeah, I think its a good question. Right? And who knows what happens in six months? And I just have to trust that the person on the scene is going to do that? Or for that matter, engineering. : So well hopefully create these type of initiatives-. 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 start at six? And the something new, initially, was markets. Then, do I get rid of this person? Mudassir Sheikha: Yeah, they dont change immediately but weve actually been pleasantly surprised that our colleague NPS, strongly correlates with our growth numbers. 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. So how do you deal with that? : So, I think there is some Thats a great question. : So one opportunity for example, one of our early, early colleagues, she realized that bus, Careem bus was an opportunity. Every six months, Careem was adding new people to the company and addressing the challenge of holding together the operations with its strong values. 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. Four of us sat down, Magnus, Sara, me, Saba, and we basically wrote down what we called the boundary conditions. So at that point, we rolled down what we called a family contract. However, the rough estimates also indicate him to be . 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. Where things were fine, we didnt bother. [41] : And the second framework is if the function is not done at a city level, what role does the country or Dubai play for that activity, for that function. You did something inspirational. Mudassir Sheikha: And thats where those transition points were the ones that made the thing taxing, right? : 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. But our definition of big was different back then. This thing will start driving and incentivizing people the right way. Mudassir Sheikha: So when we get a phone call and say hey, whats going in? So we tried that. Careem will become a wholly-owned subsidiary of . And please figure out the HR side of it, right? We sent it to each other. : And were going to fix it only enough until the next time it breaks. : So quick question, why do you have to hit such high growth rates? So they can provide a service to a city. Shikhar Ghosh: So, you know, this sort of working on these very short time schedules and intervening when things go off, so youve got dozens of markets. Shikhar Ghosh: 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.
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