: So why every 15 minutes? And sort of it was within range, right? Mudassir Sheikha is the CEO and Co-Founder of Careem. What will happen? What does it mean? And she basically created a team and went after the opportunity. So slowly your matrix has sort of been built out and you can judge very quickly whether somebodys in the range or not. [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 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. Second is be of service which is the whole serve our customers, serve our captains. You get a boarding pass. : 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. This is the culture that we want to build. Its sugar high that you get in that process. It was a very short time to build any kind of technology, and they skipped a lot of features and launched the service. Every year, literally, there was an expansion of the vision based on what we were seeing in the market and some of the success and the growth that we were having. : Its an investment for sure, right? We want to be the platform that enables internet commerce in this region. The acquisition is subject to regulatory approvals and the transaction is expected to complete by the first quarter of 2020. I enjoy driving commercial strategy. 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. "You have to think big from day one," said Mudassir. And thats the gap, right? You know, if you miss growth in one hour, then its going to be difficult to recover in the rest of the day. Mudassir Sheikha: Not at the moment. And then become a lot more involved in the hiring and the onboarding process. Cairo has grown seven percent from last week. Because as we have said multiple times, smart and very capable people, they dont want to work at startups. The task at hand was to find a meaningful purpose for the business they wanted to build. : But you didnt even have a performance management process, right? Because if you wow them, then they will wow your customers, right? I mean, now were not getting growth because that thing is no longer working. So we were very hands-on and theres a culture of being hands-on at Careem. Friday is a working day in many parts of the world, so Friday is when we do meetings with investors. : Where things started breaking, we put processes in. So we tried that. Mudassir Sheikha: Yeah. Shikhar Ghosh: Because the context is so important, right? Because there are a lot of things that are in your head that you believe in and its not even easy to articulate them and give them to someone. It drops you at a predetermined location. Shikhar Ghosh: So youve got to take each of these values that you had, in some ways, which is sort of this is the way I want people to feel in many ways, right? Today, the company is the largest ride-hailing company in the Middle East and operates in more than 100 cities across 13 countries. Shikhar Ghosh: So would it be possible to get us a weekly calendar? Mudassir Sheikha: You know, we havent tracked it fully yet, right? But my thing was, look, I enjoy problem solving. Or were we giving just people feedback on their delivery and their performance? [31] On 21 April 2020, the service expanded its Dubai service into delivering groceries and other essential products. We work on a daily cycle, so we improve 30 times as much, you know, within that same period of time. Every year, literally, there was an expansion of the vision based on what we were seeing in the market and some of the success and the growth that we were having. How do you transfer that knowledge? Like ambition. Mudassir Sheikha: So should pricing be done at the city level with some advisory support from the country? [30] In 2019, the service expanded into Riyadh and Amman, and announced it was also launching in Pakistan. [3], In 2012, he left McKinsey & Company to form Careem with ex-McKinsey colleague, Magnus Olsson from Sweden. So amazing experiences. Mudassir Sheikha: One is like, look, youre not at home much, so youre leaving at six a.m. sometimes, many times. 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. This is the culture that we want to build. : And thats where those transition points were the ones that made the thing taxing, right? 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. The morning times, of course, are fully blocked for thinking. So thats what the definition of tough maybe was in the early days. 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. So the kids are asleep, then? : One is like, look, youre not at home much, so youre leaving at six a.m. sometimes, many times. Not yet. Nothing is impossible. This deck probably took a long time to build and Im sure it gets iterated every now and then. All the employees of Careem had stock options and their company shares will be bought as part of the Uber acquisition deal worth $3.1 billion. You cannot have the same level of person, quality, systems, all of that, at each local branch. And what gets done in Dubai, which is our head office. When did you shift or start shifting towards the input rather than the output metric? Thats the default one. You know, you can be ambitious in Pakistan and you can be ambitious in Egypt and you can be ambitious in Saudi, right? So focus on these two things and growth will happen. The entire company is looking at these numbers. : So, I think there is some Thats a great question. I think one is weve been able to build a leadership team thats a lot more capable than what we had ever before. 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? : So we have two frameworks that weve come up with. And where weve had leaders that have not invested enough in people, weve actually seen growth over time slow down. If theres a super compelling reason for this thing to be done at the country level, then well do it at the country level otherwise well keep it at the city level. : And that did not happen at the quality and the rigor that should have happened. This thing will start creating incentives for people to take risks. 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. So if lets say, pricing as a topic. : So product market fit is a constantly evolving thing because you have to be continuously better than someone else that has deeper pockets, that is able to give the same thing that you have, with some delay, at a cheaper price. : Yeah, because one thing you have to realize is there are some net worth effects in this business. Mudassir Sheikha: So the two things that I would do differently is one, more upfront. Even people that werent hands-on in the beginning, after six months, theyre forced to be hands-on because thats the expectation the organization has because we started doing everything ourselves and thats how we built this. : And is it that growth itself, you know, so people like I think it was eBay, originally, that would change its system every day, every night and they would say, you know, so if Amazon is doing Amazon auctions, they would say Amazon works on a monthly cycle, which they think is great. Those are also very respectable growth rates. Shikhar Ghosh: And the cause-effect relationship is never completely clear. It will slow you down in the very, very beginning because it requires some thinking. We sent it to each other. Why can it not be in the Middle East? Mudassir Sheikha is one of the globally recognized startup founders after launching of Careem in March 2012. Source of wealth: Al Faisal Holding. Give feedback to our colleagues to keep growing them, and to drive progress in our communities. We were a bit naive when it came to architecting how we work and the culture that we wanted. So then you dont have to look at these numbers because everyones looking at these numbers. Mudassir Sheikha and his colleague Magnus Olsson left McKinsey in 2012 to start Careem with the mission to simplify and improve the lives of people in the Middle East. You can say, okay, wow for someone in finance means your customers are not just the external customers, which is you have a limit of external interaction as well, but a lot of your customers are internal, right? : But there was a process, right, where we were even testing people on values. And please figure out the HR side of it, right? So then you dont have to look at these numbers because everyones looking at these numbers. Mudassir Sheikha: So the ambition initially was actually not so big. But youre across multiple countries, and these countries have very different cultures. So the thing that we have done is weve defined a very clear vision of where we want to be in 2030, right? Youre not listening to them. : So look at the Netflix deck, right, which most people respect. 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. And at some point, there were many people reporting to me and Magnus said, look, this is not sustainable. And what have you learned about that? 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. They feel aligned and driven to make it happen. Its not even the country, right? So shes making all the decision. I profile people and startups contributing to the Pakistani technology entrepreneurial ecosystem. But youre across multiple countries, and these countries have very different cultures. So thats one thing which is different. Well win by having much better people and by having a culture that drives a certain mission and vision type of behavior. So we tried that. Did you think about that? Shikhar Ghosh: Give me a sense of what tough means? So that expectation-setting held us for at least the first two years. Mudassir Sheikha: So the day looks like start at four. It takes a lot of doing, you always have to be positive even when youre having a bad day. Careem has not only tailored the service for its end users but also identified the unique challenges associated with the labour pool that is mostly immigrants in the Middle East and localized solutions for them. Mudassir Sheikha: I hope thats happening. : 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. Rumours of the said acquisition have been floating around since December 2018. Shikhar Ghosh: So if you compared that vision to any existing company, whos the closest analog? Mudassir Sheikha: So this product market fit is a continuous thing. 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