South African billionaire Zak Calisto’s fortune quintuples to $1.1 billion in eight years

South African billionaire Zak Calisto has grown the value of his stake in Karooooo more than fivefold in eight years, even after selling part of his holding, as the vehicle-tracking group he founded continues to expand.

Calisto’s direct shareholding in Karooooo, the owner of Cartrack, is now worth about R18.1 billion ($1.1 billion), BusinessTech reported on Tuesday. That is up 417% from just over R3 billion in 2018, a gain of roughly R15 billion over the period. The figure covers only his direct stake in the company.

The increase has come despite a smaller ownership position. Calisto held a direct stake of 64.81% until 2025. In June that year, he sold 1.5 million shares in an underwritten secondary offering for about R1.3 billion, reducing his direct holding to 58%. He remains Karooooo’s majority shareholder.

He has continued to sell smaller amounts of stock this year. Even so, the rise in Karooooo’s value has outweighed the reduction in his stake, keeping his fortune above the $1 billion mark.

His holding crossed $1 billion again in July after a record quarter, and the company’s results since then have supported the valuation.

Karooooo’s steady growth explains much of the gain. Cartrack ended August with 2.9 million subscribers, up 18% from a year earlier, while subscription revenue rose 19% in the six months to August. The group posted a record quarterly operating profit earlier this week.

“We believe that we are the largest and fastest-growing operational intelligence platform provider on the African continent,” the company said.

Management expects that momentum to continue. In the year to February 2027, Karooooo forecasts Cartrack subscription revenue growth of 18% to 24% and earnings per share of R38.50 to R40, implying growth of 18% to 23%. If the company delivers, further gains in its share price could lift the value of Calisto’s stake again.

Calisto founded Cartrack in 2001 and built it into a software platform that lets businesses and individuals track vehicles, manage fleets and monitor driver behavior. Karooooo is listed on the Nasdaq in New York and on the Johannesburg Stock Exchange.

He has also looked beyond Karooooo. In March, South Africa’s Competition Commission recommended approval of a deal in which a company controlled by Calisto would acquire stakes in insurer King Price, which would add a second major business to a fortune built largely on vehicle-tracking subscriptions.