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You cannot have the same level of person, quality, systems, all of that, at each local branch. That puts a huge tax on you, individually, right? You know, I was an EP at Mackenzie, but I didnt know what Mackenzies revenue was because is not something that the organization spoke about ever. [15] The service was discontinued in early 2020. So shes acquired a business, by the way, that was doing something similar to get a jump start. I dont know remember what Magnus had. 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. So that says that this is by far the most effective sort of way that you can do it. Mudassir Sheikha: Yeah, I think its a good question. MUDASSIR: So the pace of hiring . When is this going to get better? 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? And the last is take ownership of Careem. I profile people and startups contributing to the Pakistani technology entrepreneurial ecosystem. And where weve had leaders that have not invested enough in people, weve actually seen growth over time slow down. Shikhar Ghosh: Right. But thats not what generates anything. [5], Careem was founded by Mudassir Sheikha, an American of Pakistani[6] origin and Magnus Olsson of Sweden, who had both worked as management consultants at McKinsey & Company. Entrepreneur and its related marks are registered trademarks of Entrepreneur Media Inc. Mudassir Sheikha is the CEO and co-founder of Careem. : But the way it manifests might be different in each of those cases. And go to the office, you know, there are bunch of meetings depending on the day and depending on the time of the month. You can do it. Mudassir Sheikha: No, it was forced on us. And weve had these cases now where we have actually internally debated some of these principles and when we go and interview someone and we find someone that is amazing and very tempting to get that person on board, but not the right values fit, then we have the courage to make the call and say, look, were happy to keep on looking until we someone thats a values fit. Nothing is impossible. What is the quality of customers that were giving him which is measured by the ratings that he gives to the customers. Today, the company is the largest ride-hailing company in the Middle East and operates in more than 100 cities across 13 countries. So how will we win against someone like that? and South Asia. You know, if you create the right operating system then individuals take the initiative and so they have to deal with the startup phase and all of the two year cycle and all of that. Do you think this acquisition will positively affect Careems operations in Pakistan? [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. You know, whats the completion rate of the trip? Mudassir Sheikha: So, yes. Which is speak up, take initiative, see things through impact, be frugal, and make sure to be collaborative with each other. You dont know when those plays run out, right? Regulators are typically national. The previous model we used with our restaurant partners did not live up to our mission; so, we pivoted. It would have made us, you know, correct a lot of the hiring decisions. The morning times, of course, are fully blocked for thinking. During its first two years, to compete against Uber, Careem grew at an unprecedented rate of 30% per month. And thats what we believe is the biggest opportunity in the Middle East versus just a mobility opportunity or something else. : Theyre output oriented. And make that real. And that seemed like a big business in the Middle East back then, right? Both companies apps will also continue to operate under separate brands. So youre basically not there when theyre awake. Six months later, competition does the same thing. Prior to Careem, Mudassir was an Associate Partner at McKinsey & Company, where he advised clients on strategy and business building. We want to be the platform that enables internet commerce in this region. And the quality experience is the quality engagement part. So this was something that she, being from Egypt, understood the opportunity, understood that there was a need for it. 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, the Uber acquisition deal worth $3.1 billion, WhatsApps Exclusive Feature For iOS Users:Not For The Android Users, Employees Secretly Using ChatGPT-AI: Threat For Tech Leaders, Potential Of Cryptocurrencies To Accelerate E-Commerce Growth In Pakistan. Uber kept the Careem brand, with Mudassir Sheikha and Magnus Olsson stayed on as the company leaders. Shikhar Ghosh: 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? Versus what is it that someone on the ground has the autonomy to make their own choices. How do you balance the tax that you place on yourself and therefore on your family, therefore on other choices that youre making. 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: The employees who will create wealth are not only the executives and operational team who have been associated with the company since its early days but also those who left after serving for a time period and earned company stock. 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. : Its an investment for sure, right? So these values, theyre somewhat universal, right? : You are serving people in different teams in different locations. We were a bit naive when it came to architecting how we work and the culture that we wanted. 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. Both ride-hailing companies will operate their respective regional services and independent brands. Why can it not be in the Middle East? If youre running a business of hundreds of millions of dollars, a mistake is many millions. Investing in the long-term win | McKinsey 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. So they are starting to become a part of the product. So the default role that a country or Dubai plays is advisory. The next year it was why just the GCC? Mudassir Sheikha: And thats where those transition points were the ones that made the thing taxing, right? It was a very short time to build any kind of technology, and they skipped a lot of features and launched the service. 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? And then you go home at? : So we just need to now build that operating system, we call it the Careem operating system, thats going to enable us to build this thing and realize the vision. So focus on these two things and growth will happen. But then it becomes products and product market and so on. Now, if you allow all the cities to do their own pricing, then youre probably going to leave, youre going to make mistakes because its very sophisticated. And experience is both captains, customers. 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. So that expectation-setting held us for at least the first two years. Im going to give a promo code that gives people 50% off for the next 10 trips. We sent it to each other. So they can provide a service to a city. Shikhar Ghosh: And then youve got to have some process or approach by which you can even judge whether the person is a values fit or not. Mudassir Sheikha: Yeah, its a good question. So the local adaptation probably gets factored in in some of these things. Once we do this, we can actually start doing a lot more than passenger transport. In a good month, we were simplifying the lives of four to five million people . And then you have to come up the next play, right? So that person is living in that context, right? So thats one thing which is different. And these values we protect, even if the culture says otherwise, well protect these values and well push these values down on culture. At least, I never did it. : 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. You can test people on them. : So this product market fit is a continuous thing. 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? There are review meetings that I do and now I actually block the times on my calendar to do thinking. They did not want to be another ride-hailing service. 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. Mudassir Sheikha interviewed by Shikhar Ghosh, August 30, 2018, at Harvard Business School. : So, I think there is some Thats a great question. Shikhar Ghosh: What did you expect it was going to be when you first started? And were starting to change the KPIs that we look at as well. Whats their culture, whats their DNA. In a conversation with Shikhar Ghosh, Sheikha reflects on leadership lessons he learned while rapidly scaling. And thats what we believe is the biggest opportunity in the Middle East versus just a mobility opportunity or something else. You can test people on them. It would have saved us a lot more bad hiring decisions. : But there was a process, right, where we were even testing people on values. You could almost do any of the jobs yourself. . Theres a lot of learning that happens across all these markets thats common, even though theres differences. And we are basically funding her and we are supporting her to make this thing happen. And we said we are being ambitious and we are trying to build something really, really big. I get this question all the time from people-. You know, just the norms. Sheikha gave himself the ambitious time period of just six weeks to roll out the first iteration of Careem and be in the market at the earliest. So Wednesday, for example, is fully blocked for thinking. His Swedish colleague Magnus Olsson joined his mission. Here's how Mudassir Sheikha built Careem into a unicorn - Tech in Asia Mudassir Sheikha is the co-founder and CEO of Careem, MENAs leading car booking service that is based out of Dubai and operates from Morocco to Pakistan. : But we unfortunately are in an industry that is-. 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. Theres always something thats going right and wrong with different markets. So you want them to behave differently if its a critical problem versus its not a critical problem, and so on. But rapid growth created internal strain. So growth was a big, you know, weekly growth rate. How to work with our systems. : But the contract was sort of written. : Somebody that we had in class one day was talking about profitability as being like jet fuel for an airline. You have to be involved in the process, you have to steer the process, you have to ride the process. That vision keeps getting communicated to everyone that is at Careem, joins Careem. Now, that vision has been defined. The equation was to strike a balance between increasing the respect and dignity for drivers and providing a good service for customers. The things that we commit to our wives that we will do on a weekly, monthly basis. Mangal Pandey: The Rising 2005as Miscellaneous Crew, Detective Naani 2009as Miscellaneous Crew, Your email address will not be published. Shikhar Ghosh: And then you have to live the process. Should it be done in the city, should it be done in the country? You know, one of our first things was driven by our mission and values. And thats the gap, right? : Yeah, they dont change immediately but weve actually been pleasantly surprised that our colleague NPS, strongly correlates with our growth numbers. : So quick question, why do you have to hit such high growth rates? He grew up in Karachi, Pakistan, before graduating from the University of Southern California with a degree in economics and computer science . Growth is an output. Its not even the country, right? I dont know remember what Magnus had. Mudassir Sheikha: So the two things that I would do differently is one, more upfront. 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. So if theres an activity that needs to be done, the first place that it actually should be done is the city. July 22, 2022. We work on a daily cycle, so we improve 30 times as much, you know, within that same period of time.

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mudassir sheikha net worth