Africa,s New ”Dollar” Billionaire Emerges from Car Tracking Tech — Zak Calisto & Karooooo
Discover how Zak Calisto,, founder of Karooooo,, rose from Humble beginnings to Become Africa,s latest Dollar billionaire through Innovation in Car Tracking and Telematics Technology,.
Introduction:
Africa,s Technological landscape has Witnessed a significant Milestone with the Emergence of a New Dollar billionaire from the car Tracking industry,. Zak Calisto,, the Founder and CEO of Karooooo Ltd. has Achieved this status through his Innovative approach to Vehicle telematics and fleet Management..
Early Life and career Beginnings :
Born in Portugal, Zak Calisto moved to Mozambique at the age of two and later settled in South Africa. He began studying actuarial science at the University of the Witwatersrand but dropped out, finding the subject unengaging. After completing his compulsory military service, Calisto joined Standard Bank’s accelerated training program from 1986 to 1991. In 1994, with approximately R100, he ventured into the telematics industry, initially working as a distributor for Netstar, which would later become a competitor.
Founding of Cartrack and Evolution to Karooooo:
In 2001,, Calisto founded Cartrack as a Joint venture with Netstar.. By 2004,, Cartrack Became an Independent entity Focusing on vehicle Tracking and Recovery Services;. The Company faced Early Challenges,, including Stringent accreditation Requirements from the Motor Vehicle Security Association of South Africa ( VESA ),. To Overcome this Cartrack Provided financial Guarantees to meet VESA,s thresholds,, facilitating its Market entry..
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Cartrack expanded its services beyond vehicle tracking to include fleet management and mobility software-as-a-service (SaaS) platforms. In 2014, it listed on the Johannesburg Stock Exchange (JSE). Recognizing the Need for a global presence,, the Company Rebranded to Karooooo and Relocated its Headquarters to Singapore,. The Unique name,, Featuring multiple ‘ o ‘ s was a Creative solution after the Desired domain name was Unavailable;.
Global Expansion and Market Presence :
Karooooo has Established a Significant Global footprint,, operating in 24 Countries across Africa Europe,, Asia and the Americas.. As of November 2024,, the company boasts Over 2,2 million Subscribers and Services more than 121,,000 Businesses..
The company,s services Encompass fleet Management,, stolen Vehicle Recovery,, and insurance Telematics,. Its Subscription Revenue Increased by ” 14% ” to R1.032 Billion in Q3 2024,, Reflecting Robust Growth..
Financial Milestones and Billionaire Status :
Calisto holds a ”65%” direct Stake in Karooooo,, with an Additional ”10%” through a Standing agreement,, giving him a Beneficial Ownership of Approximately “‘75%”. As of January 2025, his holdings are valued at over $1.1 billion, positioning him among South Africa’s wealthiest individuals.
The company’s market capitalization reached $1.47 billion, and its operating profit increased by 18% to R325 million in Q3 2024. Earnings per share also saw a 21% rise to R7.68.
Conclusion:
Zak Calisto,s journey from a Modest start with ”R100” to becoming a Dollar billionaire Exemplifies the Potential of innovation and Perseverance in the tech Industry.. Karooooo,s Evolution from a Local vehicle Tracking Company to a Global telematics Leader Underscores the Transformative Impact of Embracing Technological Advancements and Strategic Expansion..