Faith Nyasuguta
Africa has a new name on its billionaire roll call, and it’s not from oil, banking, or real estate. It’s from car tracking tech. Zak Calisto, the founder and CEO of Karooooo Ltd., has become the continent’s 23rd dollar billionaire, signaling Africa’s expanding wealth in the digital economy.
Calisto’s company, once known simply as Cartrack, started as a humble vehicle tracking service. But under his leadership, it has transformed into a global powerhouse offering AI-powered driver monitoring and advanced fleet management services. The company’s bold pivot into tech-heavy solutions has not only boosted its performance but also catapulted Calisto into the elite club of billionaires.
According to Bloomberg, the Portugal-born entrepreneur owns roughly two-thirds of Karooooo Ltd. That stake proved lucrative after the company’s stock surged, driven by strong subscription revenue and a 25% jump in earnings per share through February 2025.
Now headquartered in Singapore, Karooooo has set its sights on global growth, especially in Asia. Still, South Africa remains the company’s largest market, with over 2.3 million active subscribers. “There’s significant potential for even faster growth,” Calisto said, adding that while the company is focused on organic expansion, it remains open to acquisitions.
His rise illustrates how businesses that have gained momentum in African markets can grow into global success stories. Karooooo’s strong footprint in South Africa has played a key role in its expansion, making Calisto’s journey a point of inspiration for tech entrepreneurs across the continent.
With Calisto’s addition, Africa now counts 23 dollar billionaires whose collective net worth hit a record $105 billion as of March 2025, up from $82.4 billion just a year earlier. The 2025 Forbes ranking showed South Africa leading the way with now eight billionaires, followed by Nigeria and Egypt with four each. Morocco holds three spots, while Algeria, Tanzania, and Zimbabwe each have one representative.
Calisto’s success not only highlights the potential of Africa’s tech sector but also reinforces South Africa’s dominance in the billionaire rankings. His story is a timely reminder that innovation, not just inheritance, is shaping Africa’s financial future.
And in the world of car tracking, Zak Calisto is now firmly in the driver’s seat.
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