At a Glance
- Karooooo stock soars, boosting Zak Calisto’s net worth past $1 billion.
- South Africa’s latest tech billionaire drives global expansion from Nasdaq listing.
- Recurring subscription revenue and Asia growth fuel Karooooo’s $1.63 billion market cap.
Zak Calisto, CEO and founder of Karooooo Ltd., has officially become South Africa’s latest dollar billionaire, after the stock price of his global mobility and fleet management company more than doubled in the past year
Calisto’s direct and indirect holdings in Karooooo now value his stake at $1.1 billion, firmly placing him in South Africa’s exclusive billionaire club.
Calisto, who owns roughly 65 percent of Karooooo — plus additional voting rights through agreements with the company — saw his wealth surge as the company’s share price on the Nasdaq Stock Exchange climbed from $42.46 in late April to $52.86 by Friday, May 23.
Karooooo’s market capitalization has soared to $1.63 billion (R30 billion), driven by bullish investor sentiment, expanding global operations, and rising recurring subscription revenue.
Calisto’s journey-to-riches tech ascent
The 59-year-old tech mogul’s story is one of the most compelling among South Africa’s wealth elite.
Born in Portugal, raised in Mozambique, and later relocating to Johannesburg, Calisto launched Cartrack — the precursor to Karooooo — in 2001 with just R100 (about $5.60) and a handshake agreement with Netstar and Vodacom.
“I had a good incentive arrangement reselling mobile contracts that helped fund the early days,” he told CNBC Africa.
From tracking stolen vehicles, Calisto scaled the business into a real-time, data-driven software platform across 23 countries.
Karooooo’s growth strategy and Nasdaq momentum
Cartrack was delisted from the JSE (Johannesburg Stock Exchange) in 2021 and is now primarily listed on the Nasdaq. It was renamed Karooooo and has an inward secondary listing on the JSE., reflecting its pivot to a global growth model.
Although headquartered in Singapore since 2001, the company retains South Africa as its core market, serving over 1.7 million of its 2.3 million subscribers locally, with over 125,000 global businesses across 23 countries .
For the fiscal year ending Feb. 28, 2025, Karooooo reported revenue of R4.57 billion ($249.9 million), up 8.6 percent year-over-year, with subscription services rising 15 percent — further solidifying its SaaS-driven recurring revenue base.
Eighth South African billionaire joins elite list
Calisto joins the ranks of South Africa’s richest, which include Johann Rupert ($14.2 billion), Nicky Oppenheimer ($10.5 billion), Koos Bekker ($3.5 billion), Patrice Motsepe ($3.2 billion), Michiel Le Roux ($2.5 billion), Christo Wiese ($1.6 billion), Jannie Mouton ($1.7 billion), and Zak Calisto ($1.1 billion).
His emergence as a billionaire signals renewed investor appetite for African tech companies with scalable, globally competitive business models.
“There’s significant potential for even faster growth,” Calisto said, pointing to Asia as the company’s next frontier.
With continued momentum on Nasdaq and strong fundamentals, Karooooo — and Calisto — are now firmly on the global tech radar.
