: 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. I think one is weve been able to build a leadership team thats a lot more capable than what we had ever before. : A certain relative scale to be competitive in the offering that youre providing, not in anything else. : Where things started breaking, we put processes in. Both companies apps will also continue to operate under separate brands. So I come in, Ive only been there three months. : But for example, if you have something that says that people who work for us should have opportunity. Be super, super ambitious. Keep improving and stay humble. But before that, Shikhar Ghosh, you know, product market fit is a relative thing as well. It drops you at a predetermined location. Its not a static thing that we reach and we-. Many of our customers will value it for long haul routes. Ideally, youd designate some people that you believe are super-aligned with the values and these are the people that do this for It could be a few of them that do it for everyone so that theres some consistency thats applied to that process. https://hbsaccelerate.wistia.com/medias/cscc8k9qrv?embedType=async&videoFoam=true&videoWidth=640. We work on a daily cycle, so we improve 30 times as much, you know, within that same period of time. So for me, I remember it included at least being home on Fridays. Very early, Careem recognized the need for providing two different types of customer service. And if you do it at the country level, then youre not going to get the agility that you need or the relevance that you need. 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. And thats what we believe is the biggest opportunity in the Middle East versus just a mobility opportunity or something else. So it takes them longer to prioritize. So thats when Magnus and I would have to be a lot more involved in the business. We sent it to each other. 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. But generally, Friday Ive been able to block. And the default role is an advisory role. Mudassir Sheikha: So the ambition initially was actually not so big. And the cities will make the choice, typically, if theyre not getting the right service or if theyre not getting the right speed of service. Mudassir Sheikha: Like the customer relationship. And so youre going to go through similar cycles of growth. Fiance, Age, Net W Who is Bernice Burgos? This thing will start attracting the right people. Youre not going to get it exactly right every time, but youre going to get If you ask the question every time, then you can start calibrating as well. So you have to work through other people. So these are people that are super capable that we trust. Mudassir Sheikha and Magnus Olsson are the founders of Careem, the largest ride-hailing platform in the Middle East. We need to help them if theyre not doing it. This deck probably took a long time to build and Im sure it gets iterated every now and then. In fact, they were helping us-. [25] Careem is planning to have a female workforce of 20,000 by the year 2020. So we made some progress on it and if you think of our position, our strategic position vis a vis others in the industry, you know, we ar a local player that has to compete with someone that has more money. And then people start adjusting to the new reality. You know, if you miss growth in one hour, then its going to be difficult to recover in the rest of the day. Shikhar Ghosh: And the competitions telling themselves the same thing, so its this constant movement. See Mudassir Sheikha's compensation, career history, education, & memberships. : And on the captain side, similar KPIs. Well win by having much better people and by having a culture that drives a certain mission and vision type of behavior. Whats their culture, whats their DNA. 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. You did something inspirational. And now we think we should become the internet platform of the Middle East. . And that will be true of product and itll be true of markets, itll be true of this thing. So they are starting to become a part of the product. I mean, now were not getting growth because that thing is no longer working. Have you actually started working less as a result of that? And experience is both captains, customers. When we did the OS, we have these seven principles now. 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? 11) Faisal Bin Qassim Al Thani - Net worth: $1.2 billion. Theres always something thats going right and wrong with different markets. So it was very incremental and as it fired up, we solved it. : So this real-time nature of the real time transparency allowed us to catch any issues a lot faster and then react to them. That puts a huge tax on you, individually, right? Everyone says value is important. Four of us sat down, Magnus, Sara, me, Saba, and we basically wrote down what we called the boundary conditions. And I just have to trust that the person on the scene is going to do that? : Yeah, for us it was we will figure it out. Shikhar Ghosh: So you want to do the values in a particular way. But rapid growth created internal strain. [8] He is known for his philanthropic work in Pakistan, particularly in the areas of education and healthcare.[9]. 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. And if theres a super crazy important reason to do it at the other level, well do it the other way. : And at that point, investors are expecting a certain degree of formality and all of that. Ive got a company that Im working with that does annual. [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. Should you Careem around Karachi, Lahore? Friday is a working day in many parts of the world, so Friday is when we do meetings with investors. 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. Not yet. : So literally for the first few months of Careem, we kept phones with us when we were sleeping so if someone calls at three a.m., the phone that rings is the phone that is next to me and it wakes up my wife and it wakes up Magnuss wife as well. Mudassir Sheikha: And thats where those transition points were the ones that made the thing taxing, right? : Right. And make that real. And we started that exercise. It initially started in 4 cities and grew to over 100 cities in 14 countries in the Middle East, Asia, and Africa since its inception in 2012. And the last is take ownership of Careem. So amazing experiences. In November 2015, Careem announced a Series C round investment of US$60 million led by The Abraaj Group. So if your competition is a lot bigger than you, then . : But we unfortunately are in an industry that is-. And please figure out the HR side of it, right? And then one thing led to another. Shikhar Ghosh: So quick question, why do you have to hit 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. And this is not just in growth, but this is in everything. 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. : 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 that has more engineers than us. 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? Mudassir Sheikha: No, it was forced on us. 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. : Yeah. So it was difficult to get the caliber of people that we were hoping to get. It would have saved us a lot more bad hiring decisions. It will slow you down in the very, very beginning because it requires some thinking. Where things were fine, we didnt bother. Why can it not be in the Middle East? We came from a culture that was giving very regular feedback in the consulting days. Mudassir Sheikha: So thats been a core challenge for the last year almost, for us. So theres a high correlation between people, motivation. The numbers dont change immediately. : So, you know, you started up the company. What does it mean? So these are the experience KPIs both for the captain and customers. You know, we feel its okay to ping our databases every 15 minutes, thats fine. Shikhar Ghosh: So even if you create new businesses, if the operating system is robust enough, then it will morph into that. And what have you learned about that? Search for: Search. Where we, you know, we were giving people feedback, right? And automatically are starting to get absorbed in what the system does, versus what people do. And so its interesting because you started by saying, you know, we focus on the outputs, the growth, every other thing. So that person is living in that context, 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? - Careem Cities", "Careem launches ride-hailing services in Baghdad", "Careem acquires online restaurant listing platform RoundMenu, to trial food delivery", "Dubai's Careem to test bus service in Egypt", "Careem is killing its mass transportation service 'Careem Bus', "Careem Bike marks Careem's entrance into micro-mobility", "Careem suspends food-delivery business in Pakistan over unfavourable economic conditions", "Careem raises US$ 60 million in new funding with The Abraaj Group as lead investor", "Careem: It's Full Speed Ahead For This Middle East Startup", "Car-hailing app Careem raises $60M Series C", "Uber faces pressure in Dubai as regulator signs deal with rival", "Uber's Middle East Rival Just Got a $1 Billion Valuation", "Saudi women are a captive market for Uber and Careem", "Ride-hailing app Careem raises $200mln to expand", "Uber confirms it's acquiring Middle East rival Careem for $3.1 billion", "Careem CEO says the Middle East is 'not very far' from seeing more billion-dollar start-ups", "Careem launches its delivery app Careem NOW, to invest $150 million in the new vertical, available initially in Dubai and Jeddah for food deliveries", "Careem quietly expands its food delivery service 'Careem Now' to Jordan with Amman launch, Pakistan next", "Careem launches grocery and medicine delivery service in Dubai", "Careem to have 20,000 female drivers in the Middle East by 2020", "Securing Careem through these uncertain times", "Careem to lay off 31% of staff as business drops 80% amid Covid-19", "Careem lays off 31 percent of its workforce as business takes a big hit due to Covid-19", "Dubai's Careem cuts 536 jobs as lockdowns hit ride-hailing across Middle East", "Careem to lay off 31% of workforce as business drops", "UberEats exits Middle East as subsidiary Careem announces layoffs, closes bus service", "Uber's Middle East business Careem cuts 31% of workforce", "Entrepreneurs of the Week: Magnus Olsson and Mudassir Sheikha", "Egyptian Government: Uber and Careem Will Stay in Egypt", "Taxi drivers protest against Uber, other app-based car services", "Egyptian taxi drivers start open-ended sit-in to demand Uber, Careem shutdown", "Ride sharing platform Careem says hit by cyber attack with data of up to 14 million users stolen", "Middle East Ride-Hailing App Careem Reveals Major Cyber Attack", "Ride-hailing app Careem reveals data breach affecting 14 million people TechCrunch", "Careem and Robin Hood Army Pledge to Feed 10,000 People", International Alliance of App-based Transport Workers, Indian Federation of App-based Transport Workers, Professional E-Hailing Drivers and Private Owners Association, https://en.wikipedia.org/w/index.php?title=Careem&oldid=1149765059, Articles with dead external links from April 2023, Articles with permanently dead external links, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 14 April 2023, at 08:44. 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. Mudassir Sheikha: You know, we havent tracked it fully yet, right? ", "Careem acquires Saudi-based home delivery service Enwani", "Dubai's Careem to extend maternity leave, hire more women", "Dubai's Careem says to launch operations in Palestine", "Where does Careem operate? : Its an investment for sure, right? This is something that you as the CEO need to own. : So in the Careem operating system, one of the principles is invest in experience to get growth. When Sheikha and Olsson decided to build a solution for this often ignored segment of the population, their business found a purpose. So we were very hands-on and theres a culture of being hands-on at Careem. Anything outside of it, we want it to be as local as possible. I dont know remember what Magnus had. [43][44][45][46], In January, 2018, Careem discovered data on more than 14 million riders and 558,800 drivers were breached. : I think that the thing that was most surprising for me was around people and culture. The task and the challenge of getting that right was not as I was nave on that front. The morning times, of course, are fully blocked for thinking. But generally, Friday Ive been able to block. Mudassir Sheikha, CEO and Co-Founder of Careem. 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. Mudassir Sheikha is the CEO and Co-Founder of Careem. The company, which was valued at over US$2 billion in 2018, became a wholly-owned subsidiary of Uber after being acquired for $3.1 billion in January 2020. So youve done it a hundred times, right? Shes the entrepreneur now, right? He started his career with Trilogy Software before joining San Francisco-based mobile experience startup Brience at the height of the dot-com bubble in March 2000. Now, when we put that down we of course debated a lot internally. Mudassir Sheikha: The purpose is to simplify lives of people. Careem is a Dubai-based super app with operations in over 100 cities, covering 12 countries across the Middle East, Africa, and South Asia regions. So we were giving people feedback. : 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. Shikhar Ghosh: Yeah. : 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. 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. 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. Mudassir Sheikha: The first principle is driven by mission and values. You dont know when those plays run out, right? So they say theres seasonality and theres this and that, so I cant do monthly, even. So, you know, as the CEO, what have you learned, what surprised you about being CEO of a really fast-growing company? 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. That would have saved us a lot more time and effort down the road. On day one, literally on day one, one of the first things that we did was we created the first version of our values.
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