Mudassir Sheikha: The Meeting that Led to $3.1BN Buyout: The Battle Between Uber and Careem | E1056
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- Опубликовано: 9 июн 2024
- Mudassir Sheikha is the CEO and Co-Founder of Careem. Over the last 11 years, Mudassir has scaled the service to more than 80 cities in 10 countries, with 1,400+ colleagues and more than 2.5 million Captains. With such success, in 2020 Uber announced they would be acquiring Careem for a reported $3.1BN. Prior to Careem, Mudassir co-founded “DeviceAnywhere”, a company that was acquired by “Keynote” in 2008 before joining the management consulting firm “McKinsey & Company” in Dubai.
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Timestamps:
(0:00) Who is Mudassir Sheika?
(7:00) Biggest Problem with Investing in Pakistan
(9:19) Do founders need to be passionate?
(11:09) Story Time Game / Using SMS
(13:41) Did Careem have PMF from day one?
(17:59) How Careem Built a Culture of Frugality
(24:10) How We Beat Uber/Behemoths
(25:16) Craziest Stories from Fundraising at Careem
(29:40) Board Management Tips
(30:55) The Uber Acquisition: Behind the Scenes
(39:09) Balancing Work and Family
(43:15) How many millionaires were created by Careem’s exit?
(43:30) Biggest Challenge for Startups in Pakistan
(47:55) Why Super Apps Always Fail (Outside Asia)
(50:13) Quick-Fire Round
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In Today's Episode with Mudassir Sheikha We Discuss:
1. From McKinsey to $3.1BN Exit to Uber:
What was the founding a-ha moment for Mudassir with Careem?
What does Mudassir know now that he wishes he had known at the beginning?
What does Mudassir believe he is running away from?
2. Finding Product-Market Fit:
What is the single biggest mistake founders make when trying to find product-market fit?
Does Mudassir believe you have to do things that do not scale, to scale? What did Careem do?
What are some of Mudassir's biggest pieces of advice to founders on finding a core target audience and doing customer discovery the right way?
3. Competing with Giants: How To Win When You Cannot Outspend:
How did Careem beat Uber when they had 1/100th of their budget?
What advice does Mudassir have for founders who have competition that is much better funded?
What is the story of spending the night in bunk beds and barely sleeping before raising $300M the next day? How did that happen?
4. The Acquisition: How it Went Down:
How did Mudassir and Dara @ Uber first come to meet?
How did Dara's approach contrast with the prior approach of Travis Kalanick?
Why did Mudassir decide to sell and join Uber?
What were the main reasons or arguments against the acquisition?
5. Talk to me About:
Careem's Pakistan MD having to flee Pakistan for his safety post a marketing campaign?
Elon Musk likes one of Careem's promotional videos and why?
An investor who wired $1M with absolutely no paperwork?
The catch up meeting that turned into a $3BN offer?
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#MudassirSheikha #careem #harrystebbings #uber #business #venturecapital
Mudassir you are our National hero and unfortunately we are unable to appreciate you as much as you deserve.
Thank You so much for sharing the interview!
Inspiring. Lots of young entrepreneurs in the region look upto Mudassir Sheikha. Thank you MS for being a positive role model! Wishing you continued success.
A good lesson in leadership. “There is opportunity in this madness “. A very analytical approach to build an awesome organization
💯
Great interview!
Mudassir is an inspiration
Wow 😎
amazing
Mudassir is an inspiration