Table of Contents
Key Points
- Zak Calisto’s controlling stake in Karooooo surpasses $1 billion, fueled by a nearly 30% share price jump to $53 in one month.
- Karooooo’s revenue grew 8.6% to R4.57 billion ($249.87M), driven by a 15% rise in subscription sales, its core income stream.
- Serving 2.6 million users across 23 countries, Karooooo exemplifies African tech’s global reach in fleet management and mobility analytics.
Zak Calisto, a South African tech entrepreneur, has quietly entered the global billionaire club. According to Bloomberg, his controlling stake in Karooooo Ltd has surpassed the $1 billion mark, a milestone first reported by Billionaires.Africa.
The sharp rise in the share price of the Singapore-based mobility company marks a significant achievement for Calisto, who built Karooooo from scratch, starting with a modest vehicle tracking service and turning it into a global player in mobility analytics.
Karooooo’s growth beyond car tracking
Back in 2001, when Calisto founded Cartrack, the mission was simple: help recover stolen cars. But over the years, that narrow focus widened. As the company evolved, rebranding under the Karooooo name, it expanded its reach and purpose.
Today, it supports over 2.6 million users across 23 countries, offering real-time tools to help businesses manage vehicle fleets, monitor logistics, and make data-driven decisions. That kind of progress tells a broader story, not just about one entrepreneur’s success, but about the growing influence of African-founded tech companies on the world stage.
Calisto holds close to 65 percent of Karooooo, or around 20 million shares, based on data from Billionaires.Africa. With the stock price climbing from $41 to $53 in the past month, an increase of nearly 30 percent, his stake is now valued at $1.09 billion. Karooooo’s market capitalization has also climbed past $1.6 billion, driven by strong investor confidence in its software and services that help companies stay on top of their logistics and operations in real-time.
Subscription sales drive growth
Karooooo’s latest results offer solid proof of its steady growth. For the year ended Feb. 28, 2025, the company reported an 8.6 percent increase in revenue, reaching R4.57 billion ($249.87 million). The bulk of that growth came from a 15 percent rise in subscription revenue, which remains its main income stream.
Most of those gains came from Cartrack, Karooooo’s core business, which brought in R4.06 billion ($221.82 million) in subscription sales alone. That level of dependable performance continues to reassure investors and keeps the company well-positioned to grow further.
The numbers on the balance sheet echo that same sense of progress. Total assets rose to R5.08 billion ($278.08 million), up from R4.31 billion ($237.57 million) a year earlier. Retained earnings also grew by 15 percent to R2.11 billion ($115.63 million), underscoring that Karooooo isn’t just expanding, it’s building a solid financial base to support its global ambitions.
For Calisto, this recognition as a billionaire is less about the title and more about the long road it took to get here, over two decades of running a company that stayed profitable, kept evolving, and never lost sight of the value in solving everyday problems with technology. From helping track stolen cars in South Africa to offering fleet management solutions on five continents, his story reflects the rising confidence of African tech entrepreneurs in the global market.
Forbes cautious on billionaire updates
Still, not everyone has updated their records. While Bloomberg now lists Calisto as a billionaire, Forbes has yet to follow suit. Its most recent update still lists 22 African billionaires, including Anas Sefrioui from Morocco and South Africa’s Jannie Mouton. That delay might simply reflect Forbes' cautious approach, especially when valuations hinge on fluctuating stock prices.
Regardless, Calisto’s rise is hard to ignore. Karooooo stands as one of the clearest examples of how African-founded tech companies can compete globally, not just in ambition, but in results. With digital infrastructure improving across the continent and global demand for mobility solutions growing, Calisto’s work is far from finished. If anything, reaching the billionaire mark is just another step forward. African tech isn't catching up anymore, it’s helping lead the way.
