mudassir sheikha net worth

And then we regressed. 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? Mudassir Sheikha: So the two things that I would do differently is one, more upfront. Mudassir Sheikha: So, I think there is some Thats a great question. So then you dont have to be as proactively pushing for it because now I know that people are looking at these numbers, right? However, the rough estimates also indicate him to be . And in the beginning, you know, I was spending a lot of time in these different markets, just making sure that I educate the people that are starting on how to run this business. And when you make the hard choice, you know, I can get more revenue by doing this, you know, heres this person who is our best salesperson, but hes a jerk to all the employees. We just had bigger hands and we were still able to manage. This thing will start attracting the right people. : The second type of role that a country or Dubai can play is a service provider. We want to be the platform that enables internet commerce in this region. : And this would have been your job. : But at the same time, you know, youve got 24 hours in the day. And initially, it was difficult to even get the right people, right? So youve done it a hundred times, right? We work on a daily cycle, so we improve 30 times as much, you know, within that same period of time. 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. She came up with that idea herself. Shikhar Ghosh: Youve been talking about the vision of slowly desegregating the pressure so it all doesnt come to the talk. 200 of these employees will become Dirham millionaires, whereas almost 75 will become dollar millionaires for their shares reports The National. But guess what happens? Or a formal recruiting process? We are a business thats growing rapidly. At which point, there was some resignation that it is what it is. You and the founders. : So they are writing agreements with their families now? 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. And family does suffer. And if theres a super crazy important reason to do it at the other level, well do it the other way. Europe, Menlo Park, China), Where the person is located (e.g. Mudassir Sheikha: 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. : Building a structure. That puts a huge tax on you, individually, right? Mudassir Sheikha: Its an investment for sure, right? How does $15b compare to net worth of 100 richest Qatari men? 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. Generous, the meaning of Careem, defined the ethos of this ride-sharing startup. : Right. So they say theres seasonality and theres this and that, so I cant do monthly, even. Its sugar high that you get in that process. Shikhar Ghosh: But there are common systems, right? So not much changed. We believe that the benefit of hyper-transparency is well worth the costs. I think some of these things are tested locally as well. And we said we are being ambitious and we are trying to build something really, really big. : Yeah. So they say theres seasonality and theres this and that, so I cant do monthly, even. 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. So it takes them longer to prioritize. One for its users, and the other for its captains. : So, you know, you started up the company. But the path to becoming a unicorn wasnt straightforward or easy. Mudassir Sheikha: And it takes time, it takes thinking. Empowering the front line to make the decisions to do as much as possible that they can do on their own. : So the ambition initially was actually not so big. You know, whats the completion rate of the trip? 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. : 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. You have to make sure that the questions youre asking are the questions that get asked by the person that is testing for that value fit. They need to be rallied and they need to be encouraged and they need to be inspired. Now, that vision has been defined. They know what theyre doing and they are extremely driven and in line with the mission and vision of Careem. We sent it to each other. Mudassir Sheikha: 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. : Or weeks. . Thats a very unusual thing. 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: Ankur Shah , Chief Finance . So how do you deal with that? Mudassir Sheikha: Yeah. How do you balance the tax that you place on yourself and therefore on your family, therefore on other choices that youre making. : But for example, if you have something that says that people who work for us should have opportunity. Like many things that we should have done differently, whether it is in financial processes, or the technology side, they were starting to leave a lot of skeletons that we were then having to go back and fix. Even a manager who follows the basic good principles that you have, these behave differently because thats the way organizations are. The entire company is looking at these numbers. Did you have it or did your wives have it? [3] Careem expanded into the food delivery business with Careem Now in November 2018[4] and launched a digital payment platform, Careem Pay in April 2022. : Also the size of the fall is much bigger. Is it wrong? And the more I get into it, the more I realize that if you just get this right, then this thing will start running like a machine. Shikhar Ghosh: So last topic that I want to go through is as youve grown, the issue of you know, what do you keep in the central place that you can learn from everybody? Many of our customers will value it for long haul routes. The first is the default location for any activity is the city. So people are working really, really hard. You have to be at a certain scale to be competitive. So slowly your matrix has sort of been built out and you can judge very quickly whether somebodys in the range or not. Mudassir then joined the founding team of mobile testing and monitoring startup, DeviceAnywhere, where among other things, he . : 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. Shikhar Ghosh: 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. It requires a lot of, in deciding of the market, analytics. And go to the office, you know, there are bunch of meetings depending on the day and depending on the time of the month. At that point, we were a bit speechless because we felt that things would get better in two years from when we started the business. : Yeah, and you know, since we are closer to the cities and closer to the markets that we operate in than competition, we are in most cases able to find local opportunities before them. [18], In June 2022, Careem suspended food delivery service in Pakistan over unfavorable economic conditions.[19]. and South Asia. Mudassir Sheikha: So this was the other mistake, per se, right? She came up with that idea herself. : So thats been a core challenge for the last year almost, for us. [31] On 21 April 2020, the service expanded its Dubai service into delivering groceries and other essential products. So focus on these two things and growth will happen. 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. Mudassir Sheikha: Not at the moment. So shes making all the decision. And what have you learned about that? The company waited until late April, 2018, to disclose this breach because they "wanted to make sure we had the most accurate information before notifying people". You start at six? On day one, literally on day one, one of the first things that we did was we created the first version of our values. We sent it to each other. It requires some implementation. Shikhar Ghosh: Right. Shikhar Ghosh: And at that point, investors are expecting a certain degree of formality and all of that. So the way a manager behaves in Egypt or Pakistan might be completely different. : Yeah, its a good question. : So you want to do the values in a particular way. Mudassir Sheikha: And then we would have some weekly check ins, sometimes even daily check ins. Mudassir Sheikha and Magnus Olsson are the founders of Careem, the largest ride-hailing platform in the Middle East. What gets done in the city? You know, you can be ambitious in Pakistan and you can be ambitious in Egypt and you can be ambitious in Saudi, right? And youre coming at midnight. So the kids are asleep, then? This was a five-year business plan that was prepared in 2012. Even weekly is unusual, right? So we have these three value pillars and there are 12 values. So then you dont have to be as proactively pushing for it because now I know that people are looking at these numbers, right? Careem CEO: 4 ways to build a billion-dollar startup : And it takes time, it takes thinking. : You know, why not 10% a month? [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. 1/2. So youre basically not there when theyre awake. 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. The task at hand was to find a meaningful purpose for the business they wanted to build. And so its interesting because you started by saying, you know, we focus on the outputs, the growth, every other thing. Once we do this, we can actually start doing a lot more than passenger transport. Default is city, but guess what? She assembled a team, asked us to fund this thing. Like many things that we should have done differently, whether it is in financial processes, or the technology side, they were starting to leave a lot of skeletons that we were then having to go back and fix. 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. And who knows what happens in six months? Theres questions that you ask and then, you know, based on the responses that you get, you can get a feel for it, right? So at that point, we rolled down what we called a family contract. Mudassir Sheikha: But the contract was sort of written. But rapid growth created internal strain. Like ambition. [47][48][49] According to investigations conducted by the company, there was no initial evidence of fraud or misuse. But to sort of get it in that shape probably took a lot of time and a lot of thinking and a lot of iteration, right? Shikhar Ghosh: So, you know, all of that is driven by the external world, right? You know, all of that. This thing will start creating incentives for people to take risks. So these are people that are super capable that we trust. You dont know when those plays run out, right? : And are you able to keep the weekend blocked off? Before McKinsey, Mudassir spent a decade in the Silicon. You've reached your 2 free content limit for the month. 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. How do you transfer that, then? This is the culture that we want to build. So analytics just as an example. Sheikha and his team did not only focus on providing tech training to these captains. It would have made us, you know, correct a lot of the hiring decisions. [8] He is known for his philanthropic work in Pakistan, particularly in the areas of education and healthcare.[9]. : So, yes. : Right. You know, if you miss growth in one hour, then its going to be difficult to recover in the rest of the day. Hundreds of Careem millionaires after staff share in $3.1 billion Uber So amazing experiences. So you always have to, so this is what we keep telling ourselves, we have to always be better than competition. Mudassir Sheikha, Careem Networks FZ LLC: Profile and Biography And now we think we should become the internet platform of the Middle East. That would have saved us a lot more time and effort down the road. Shikhar Ghosh: And this all analytical in the sense that you could just look at the numbers. So thats something that weve done in the last-. Careem makes a permanent shift to "Remote-First" - LinkedIn
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