Zak Calisto, founder and CEO of Karooooo Ltd, has joined the exclusive group of Africa’s dollar billionaires following the company’s remarkable growth in the vehicle tracking and fleet management sector. The company, originally known as Cartrack, has expanded its services to include AI-powered driver monitoring and fleet management, propelling Calisto to billionaire status.
Company Performance and Growth
Karooooo Ltd’s stock surged after the company reported double-digit subscription revenue growth and a 25% increase in earnings per share for the year through February 2025. According to Bloomberg, Calisto owns approximately two-thirds of the company, which has maintained a customer base of 2.3 million, primarily in South Africa. The company plans to prioritize organic growth while remaining open to strategic acquisitions.
Calisto’s Business Journey
Calisto’s journey from a local entrepreneur to a global billionaire highlights Africa’s growing influence in the digital economy. Despite moving the company’s headquarters to Singapore in 2020, Karooooo Ltd sees Asia as crucial to its future expansion plans. “There’s significant potential for even faster growth,” Calisto said in an interview, reflecting the company’s optimistic outlook.
Africa’s Billionaire Landscape
As of March 2025, Africa had 22 billionaires on its Forbes list, with combined wealth surpassing $100 billion for the first time, reaching a record $105 billion. South Africa leads the list with eight billionaires, followed by Nigeria and Egypt with four each. With Calisto’s entry, Africa’s billionaire count has risen to 23, reinforcing South Africa’s dominance in the continental rankings.
