mudassir sheikha net worth

You start at six? : Yeah, they dont change immediately but weve actually been pleasantly surprised that our colleague NPS, strongly correlates with our growth numbers. Those things did not happen as well as they should have. So to the moon and beyond, be of service. 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: Building a structure. Its sugar high that you get in that process. Copyright President and Fellows of Harvard College, August 30, 2018, at Harvard Business School. Its sugar high that you get in that process. So would probably have an edge in how much they can invest in our markets and they might have better core technology than us. Second is be of service which is the whole serve our customers, serve our captains. How much time is the captain spending, getting paid for a trip or is he waiting? Is it right? Personally as well, but also reinvent the way that youre doing things. 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. So this is something that we didnt pay enough attention to at the beginning, that in hindsight we would pay more attention to. And she basically created a team and went after the opportunity. . Mudassir Sheikha: But we unfortunately are in an industry that is-. 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 empower them to the right resources to do this and we support them and do this, right? Well win by having much better people and by having a culture that drives a certain mission and vision type of behavior. You have to be involved in the process, you have to steer the process, you have to ride the process. And make that real. 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. Mudassir Sheikha: You are serving people in different teams in different locations. But the path to becoming a unicorn wasnt straightforward or easy. This has to have your signature on it. For the audience joining us on Zoom, he took live questions.GUEST BIO:Mudassir . Its Karachi should do something, Lahore should do something and the people that are running those cities need to be empowered to do those things. And then you have to come up the next play, right? : So whats an example of an input KPI that would affect growth? 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. And then people start adjusting to the new reality. Mudassir Sheikha: So the two things that I would do differently is one, more upfront. So then you dont have to look at these numbers because everyones looking at these numbers. And thats what we believe is the biggest opportunity in the Middle East versus just a mobility opportunity or something else. So the kids are asleep, then? Thank you very much. However, the rough estimates also indicate him to be . I get on the phone and I ask for a bus and a bus comes? And then you go home at? And then you started looking at examples of things that happened before and then you start building conviction, right? Language links are at the top of the page across from the title. It drops you at a predetermined location. [1] The company, which was valued at over US$2 billion in 2018,[2] became a wholly-owned subsidiary of Uber after being acquired for $3.1 billion in January 2020. Mudassir Sheikha: So one opportunity for example, one of our early, early colleagues, she realized that bus, Careem bus was an opportunity. I enjoy driving commercial strategy. But youre building a structure to do that. And the quality experience is the quality engagement part. You go through that deck, you know, I think in literally half an hour, you get a very good sense of what this organization stands for. [47][48][49] According to investigations conducted by the company, there was no initial evidence of fraud or misuse. Theres questions that you ask and then, you know, based on the responses that you get, you can get a feel for it, right? : Yeah, because one thing you have to realize is there are some net worth effects in this business. And you have the features that they want, the payment methods that they want, the interfaces that they want. Just, you know, a typical weekly calendar sort of thing. 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. It was when it breaks, were going to fix the problem that broke. : So one opportunity for example, one of our early, early colleagues, she realized that bus, Careem bus was an opportunity. So theres a high correlation between people, motivation. So slowly your matrix has sort of been built out and you can judge very quickly whether somebodys in the range or not. 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? [4] In 2020 Uber purchased Careem for $3.1 billion USD. 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. So, you know, in this first part of the journey, say up to CVC or so, you were hands-on on everything. Thats when people really look and see. So they say theres seasonality and theres this and that, so I cant do monthly, even. Legality of ridesharing companies by jurisdiction, "Careem eyes potential expansion to 250 cities in MENA", "Mideast ride-hailing app Careem raises $200 million to expand, expects more funds", "Uber buys rival Careem in $3.1 billion deal to dominate ride-hailing in Middle East", "Careem NOW: Engineering a robust and scalable food delivery application", "Careem Pay launches digital wallet for money transfers, withdrawals in UAE", "Tech in Asia - Connecting Asia's startup ecosystem", "Meet Careem: The Uber of The Middle East", "Uber-clone vows safe, affordable ride. Keep improving and stay humble. So for me, I remember it included at least being home on Fridays. Which is speak up, take initiative, see things through impact, be frugal, and make sure to be collaborative with each other. : So there are least two things which are different now than before. Fundamentally, we . So basically what happens is lets say, you have this great product that customers love. So weve all been saying values are important. The task and the challenge of getting that right was not as I was nave on that front. So its this thing of saying what are the central functions that you want everyone to do more or less the same way or following the same principles? You've reached your 2 free content limit for the month. . : And on the captain side, similar KPIs. : So look at the Netflix deck, right, which most people respect. We just had bigger hands and we were still able to manage. : Every year that vision sort of expanded. So the first two years we bought, and I think somewhere in the second or third year, and it coincided with me having twins and I think there was something happening in Magnuss life as well, where I think the wives forced a discussion on us. Then we empower them to the right resources to do this and we support them and do this, right? Or were we giving just people feedback on their delivery and their performance? And who knows what happens in six months? : And that did not happen at the quality and the rigor that should have happened. So thats something that weve done in the last-. 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. 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? And the front line for us is the cities. [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. The things that we commit to our wives that we will do on a weekly, monthly basis. Or were we giving just people feedback on their delivery and their performance? So, you know, as the CEO, what have you learned, what surprised you about being CEO of a really fast-growing company? : But the contract was sort of written. Mudassir Sheikha: Some of the people processes is another part of it. Mudassirs career in tech started with Silicon Valley startup Brience. The movement of things as well. Should it be done in the city, should it be done in the country? And when that service is provided, it needs to have very clear SLAs. They know what theyre doing and they are extremely driven and in line with the mission and vision of Careem. The acquisition is subject to regulatory approvals and the transaction is expected to complete by the first quarter of 2020. You became the CEO of this company somewhat reluctantly in the sense that you had the founders and then you all got together and this was what? In fact, they were helping us-. [7], Sheikha is married with a family. : So last question and then we can stop here. [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. So you want them to behave differently if its a critical problem versus its not a critical problem, and so on. July 2012 Careem is launched by co-founders Mudassir Sheikha and Magnus Olsson September 2013 Careem secures funding of $1.7 million in a round led by STC Ventures : I have been able to, except in the last few months when weve fundraising. Regulators are typically national. And then what was also happening in the early days is we had no customer service. : The people processes, the structure. And thats what we believe is the biggest opportunity in the Middle East versus just a mobility opportunity or something else. Why such high growth rates? 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. The first is the default location for any activity is the city. You know, all of that. And the idea was that Magnus and I would hold each other accountable to what we were supposed to do. So if you miss one or two days of growth, thats going to be very, very difficult to hit those growth rates because youre not going to be able to make up for that. Whats their culture, whats their DNA. 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. Were we giving people feedback on the values? So youre basically not there when theyre awake. So I can tell you that Karachi has grown five point three percent from last week. What gets done in the country? Is it right? Mudassir Sheikha: The first principle is driven by mission and values. So for me, I remember it included at least being home on Fridays. Did you think about that? You cannot have the same level of person, quality, systems, all of that, at each local branch. Not just on the day to day side, but then to make sure that these transitions were caught early enough or late, not too late, and then fixed. 1. Careem will become a wholly-owned subsidiary of . And on the customer side, for example, experience is a function of, you know, when you open the app, is a car available? What gets done in the city? And who's more known worldwide for their important work, Moza or a bank CEO? I dont know remember what Magnus had. So at that point, we rolled down what we called a family contract. So how do you deal with that? Theres a lot of learning that happens across all these markets thats common, even though theres differences. Mudassir Sheikha: So some of these things like analytics, growth hacking, in general, the product is expanding to cover these things. 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. 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. Youre not listening to them. : You know, why not 10% a month? The service is popular for tailoring its features to match the socio-cultural norms of the countries it operates in. So we tried that. We came from a culture that was giving very regular feedback in the consulting days. Growth is an output. Support quality journalism and content. This is something that you as the CEO need to own. And the more Ive done it, the more I realize that this is something thats missing. : Yeah, its a good question. So it was very incremental and as it fired up, we solved it. Wed but another six months. : But for example, if you have something that says that people who work for us should have opportunity. 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. Or a formal recruiting process? 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 you always have to, so this is what we keep telling ourselves, we have to always be better than competition. On day one, literally on day one, one of the first things that we did was we created the first version of our values. She came up with that idea herself. So it was very incrementally, okay, we need to open this market now. Friday is the day that I-. 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? Mudassir Sheikha is the CEO and co-founder of ride-hailing app Careem, one of the hottest startups on the Asian continent. Certain aspects of the brand are part of it, but for the most part, we want to empower the front line and have them drive the decisions and only support them as an advisor versus become service providers or controllers. 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? So youre basically not there when theyre awake. Im going to give a promo code that gives people 50% off for the next 10 trips. [17], In April 2021, Careem launched Careem Pay, a digital wallet for money transfers and withdrawals in the UAE. And on the customer side, for example, experience is a function of, you know, when you open the app, is a car available? Careem expanded into the food delivery business with Careem Now in November 2018 and . Because a lot of times what happens is some strategies or things that work for us today and give us growth today will not be the things thatll give us growth six months from now because weve sort of played those things out. Often, the strengths that differentiate an early-stage founder-CEO become liabilities as a business begins to rapidly scale. And what is it that the local market has to adapt for its own thing? Mudassir Sheikha: Its an investment for sure, right? Regulators are typically national. And then you have to come up the next play, right? It has been a little over five years since the global entrepreneurial ecosystem started its obsession with unicorns. And make that real. Mudassir Sheikha: 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. : But the way it manifests might be different in each of those cases. So if you miss one or two days of growth, thats going to be very, very difficult to hit those growth rates because youre not going to be able to make up for that. So we were giving people feedback. And thats the main driver of high growth rates. Okay, this is what I want, now do it. So Wednesday, for example, is fully blocked for thinking. Both ride-hailing companies will operate their respective regional services and independent brands. 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? Cairo has grown seven percent from last week. And they give that thing for 20% less than what youre giving. This is the culture that we want to build. So these are people that are super capable that we trust. But rapid growth created internal strain. Once we do this, we can actually start doing a lot more than passenger transport. Uber kept the Careem brand, with Mudassir Sheikha and Magnus Olsson stayed on as the company leaders. : And the cause-effect relationship is never completely clear. Shikhar Ghosh: So if you compared that vision to any existing company, whos the closest analog? 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. But for the most part, the thing that changed is instead of managing and doing things directly, we started becoming a lot more KPI- focused and when there were big deviations on the KPIs, then we got super, super involved. So that person is living in that context, right? And so its interesting because you started by saying, you know, we focus on the outputs, the growth, every other thing. : 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 that, you just trained the organization to be on it. Because if you wow them, then they will wow your customers, right? : 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. Mudassir Sheikha: But there was a process, right, where we were even testing people on values. "You have to think big from day one," said Mudassir. And the something new, initially, was markets. So people are working really, really hard. If Qatar's Sheikha Moza is worth $15b, she's undervalued. Friday is a working day in many parts of the world, so Friday is when we do meetings with investors. And then what was also happening in the early days is we had no customer service. : where I think the burden becomes higher is sort of to reinvent yourself. But generally, Friday Ive been able to block. [9] In 2017, the company announced a program to extend maternity leave and hire more women. : So, yes. Its not that Pakistan should do something. The organization always spoke about other things, right? Mudassir Sheikha: 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. : So the day looks like start at four. Mudassir Sheikha: Yeah, because one thing you have to realize is there are some net worth effects in this business.

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