Zak Calisto, the founder and CEO of Karooooo, a fleet management and telematics multinational, is poised to become South Africa’s latest dollar billionaire. With beneficial ownership exceeding $1.1 billion, Calisto’s financial success is a testament to his entrepreneurial acumen and the global reach of his company.
Calisto’s direct ownership in Karooooo stands at 64.81%, valued at approximately $953 million, while a standing agreement with One Spire (Pty) Ltd grants him voting control over an additional 10% of the company’s shares. This arrangement ensures his beneficial ownership surpasses 74.97%, making him one of South Africa’s wealthiest individuals.
Founded in 2001 as Cartrack, Karooooo has grown into a global provider of mobility software-as-a-service (SaaS) platforms, offering fleet management, stolen vehicle recovery, and telematics services. Initially rooted in South Africa, the company rapidly expanded into Africa, Europe, Asia, and the Americas. Today, Karooooo operates in 24 countries, with its headquarters now based in Singapore.
The company’s growth trajectory has been nothing short of remarkable. Karooooo’s market capitalization currently stands at $1.47 billion, driven by its innovative solutions and global expansion. Over the years, it has evolved beyond vehicle tracking to deliver comprehensive mobility services tailored to the needs of modern enterprises.
Karooooo’s financial performance reflects its robust business model and sustained growth. For the third quarter ending November 2024, the group reported an 18% increase in operating profit, reaching R325 million, while earnings per share grew by 21% to R7.68. Subscription revenue surged by 14%, totaling R1.032 billion. The company also witnessed a 17% increase in Cartrack subscribers, surpassing 2.22 million globally.
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The growth extends to other divisions as well. KaroooooLogistics, specializing in business-to-business delivery services, recorded a 20% rise in revenue, reaching R109 million. Net subscriber additions increased by 15%, and customer acquisitions have accelerated amid the company’s ongoing expansion into new territories.
Calisto credits Karooooo’s success to its commitment to innovation, strategic investments, and a clear vision for growth. “We operate in a growing and largely underpenetrated market, with strong demand from customers needing to digitalize their operations,” he explained. The company’s focus on artificial intelligence, customer experience, and cutting-edge technology has positioned it as a leader in the fleet management industry.
Projections for 2025 reinforce the company’s optimistic outlook. Subscriber numbers are expected to reach 2.4 million, with subscription revenue forecasted at R4.1 billion. Expansion efforts in Europe and Southeast Asia are already yielding significant results, with subscription revenue in Southeast Asia growing by 26% on a constant currency basis.
Karooooo’s new central office in South Africa further underscores its commitment to driving organic growth in its home region. Meanwhile, investments in Europe have started to pay off, signaling a promising future for the company’s global operations.
Calisto’s rise to billionaire status places him among an exclusive group of South African billionaires, including Johann Rupert, whose net worth is $11.2 billion, and Michiel le Roux, who ranks sixth at $1.6 billion. Once officially recognized as a dollar billionaire, Calisto will occupy the seventh spot on this prestigious list.
The journey of Karooooo, from its beginnings as a vehicle tracking company to becoming a global SaaS provider, reflects Calisto’s visionary leadership. By addressing the evolving needs of businesses worldwide, Karooooo has solidified its reputation as an industry leader while enhancing shareholder value.
As Karooooo continues to expand its footprint and innovate within the fleet management and telematics sectors, Calisto’s personal and professional achievements stand as a testament to the power of strategic planning and entrepreneurial determination. His story adds another chapter to South Africa’s legacy of producing world-class business leaders.
