The South Africans spending R5.7 billion to keep their cars safe

Nearly 3 million motorists pay Cartrack R5.71 billion every year to keep their cars from being stolen, or to recover them when they are.

Karooooo Limited, the parent company of the fleet management software and stolen vehicle recovery company, released its financial results for the second quarter and half-year ending 31 August 2026.

In its results, Karooooo revealed Cartrack reached 2.9 million active subscribers, which represents an 18% year-on-year increase.

It also noted record additions, with half-year net subscriber additions surging 53% year-on-year to a record 236,988, while second-quarter net subscriber additions reached 94,516.

Alongside Cartrack’s record quarterly additions, it also expanded its quarterly revenue to R1.64 billion, generating a record quarterly operating profit of R422 million.

“Cartrack’s constant currency subscription revenue growth increased to 23% in Q2, compared to 21% in Q1, with constant currency growth acceleration across all regions,” said Group CEO Zak Calisto.

The Group’s Annualised Recurring Revenue (ARR) grew to R5.71 billion, thanks in part to 2.18 million South Africans paying their subscriptions – an 18% year-on-year increase, delivering a 25% quarterly subscription revenue growth.

“Year to date, we have delivered record net subscriber additions and healthy retention, driving 22% Cartrack constant currency subscription revenue growth,” added Calisto.

Karooooo’s Cartrack services are not confined to the borders of South Africa, and its growth in regions like Asia and Europe is also noteworthy.

Calisto highlighted Southeast Asia as presenting the company’s “most compelling growth opportunity” in the medium to long term, with Asia-Pacific subscribers growing 21% to 367,270.

In Europe, Cartrack is partnering directly with major vehicle manufacturers (OEMs) to ingest connected vehicle data via Application Programming Interface (APIs) without requiring third-party hardware retrofits.

“As we enter the second half of FY 2027, we remain focused on building on the strong momentum established in the first half of the year,” the CEO declared.

Cartrack billionaire quintupled his wealth in 8 years

In the past eight years, Karooooo CEO Zak Calisto has seen his net worth surge by over 400%, as the company continues to go from strength to strength.

He initially attempted to establish the business as a joint venture with South African tracking company Netstar in 2001, which did not work out, prompting him to pursue the business independently.

By 2005, the company began expanding outside of South Africa, entering Mozambique before broadening its services, including adding fleet management products in 2007.

Three years later, Cartrack developed a software-as-a-service platform, shifting from basic vehicle tracking to a broader technology offering centred on data and business intelligence.

The company was listed on the Johannesburg Stock Exchange (JSE) in 2014, entering the United States and New Zealand in 2016, bringing the total to 24 countries.

In April 2021, Cartrack delisted from the JSE and moved its listing to Nasdaq in the United States under the name Karooooo Ltd.

Since then, it has continued to expand its customer base and recurring subscription revenue, reaching 2.9 million subscribers by the end of the latest financial year.

In 2018, Calisto’s shareholding was worth over R3 billion, and he had a direct 64.81% stake in the company until 2025.

The billionaire sold 1,500,000 Ordinary Shares in June 2025 when Karooooo facilitated and launched an SEC-registered, underwritten secondary public offering, resulting in a R1.3 billion sale for Calisto.

This reduced his direct shareholding to 58%, but as at 20 October 2026 that shareholding is worth about R18.1 billion, showing an astounding 417% growth in 8 years.