Karooooo Ltd. (KARO): Modelo de Negocio Canvas [Actualizado en Ene-2025]

En el mundo en rápida evolución de la gestión de la flota y la telemática, Karooooo Ltd. (Karo) surge como una potencia tecnológica, transformando cómo las empresas rastrean, administran y optimizan sus operaciones de vehículos. Al integrar a la perfección el software de vanguardia, el análisis de datos en tiempo real y las soluciones innovadoras de IoT, esta compañía dinámica ofrece un ecosistema integral que faculta a las organizaciones para revolucionar sus estrategias de transporte y logística. Desde pequeñas empresas hasta corporaciones de nivel empresarial, el modelo comercial de Karooooo representa un plan estratégico para aprovechar la tecnología para impulsar la eficiencia operativa, reducir los costos y desbloquear ideas sin precedentes en el complejo panorama de la gestión moderna de flotas.

Karooooo Ltd. (Karo) - Modelo de negocios: asociaciones clave

Socios de tecnología estratégica para soluciones telemáticas e IoT

Karooooo ha establecido asociaciones con los siguientes proveedores de tecnología:

Pareja	Enfoque tecnológico	Detalles de la asociación
Microsoft Azure	Infraestructura en la nube	Servicios en la nube e integración de plataforma IoT
Sistemas de Cisco	Soluciones de red	Hardware y conectividad telemática

Fabricantes de vehículos y concesionarios

Las asociaciones del fabricante de vehículos de Karooooo incluyen:

• Ford Motor Company
• Toyota Sudáfrica
• Grupo Volkswagen

Compañías de seguros y empresas de gestión de flotas

Pareja	Tipo de asociación	Segmento de mercado
Viejo mutuo	Evaluación de riesgos de seguro	Mercado sudafricano
Discovery asegurar	Integración telemática	Seguro basado en uso

Proveedores de software y servicios en la nube

• Servicios web de Amazon (AWS)
• Plataforma en la nube de Google
• SAVIA

Operadores de red de telecomunicaciones

Proveedor de telecomunicaciones	Servicios de conectividad	Cobertura geográfica
Vodacom	Red celular	Sudáfrica, múltiples países africanos
Grupo MTN	Conectividad IoT	Red panafricana

Karooooo Ltd. (Karo) - Modelo de negocios: actividades clave

Desarrollar y mantener el software de gestión de flotas

Karooooo invirtió $ 7.2 millones en gastos de I + D para el desarrollo de software en el año fiscal 2023. La compañía admite más de 500,000 vehículos conectados a través de sus plataformas de software.

Métricas de desarrollo de software	2023 datos
Inversión total de I + D	$ 7.2 millones
Vehículos conectados	500,000+
Tamaño del equipo de desarrollo de software	124 ingenieros

Proporcionar seguimiento y monitoreo de vehículos en tiempo real

La tecnología de seguimiento de Karooooo admite el monitoreo en tiempo real en múltiples geografías, con un tiempo de actividad del sistema del 99.7%.

• Precisión de seguimiento en 10 metros
• Actualizaciones cada 60 segundos
• Cobertura en 6 países

Creación de soluciones telemáticas avanzadas

La compañía genera $ 53.4 millones en ingresos recurrentes anuales de Solutions Telematics.

Métricas de solución telemática	2023 rendimiento
Ingresos recurrentes anuales	$ 53.4 millones
Suscriptores telemáticos	43,000+

Ofreciendo análisis de datos y servicios de informes

Karooooo procesa más de 2.100 millones de puntos de datos mensualmente a través de sus plataformas de análisis.

• Algoritmos de aprendizaje automático
• Insights de mantenimiento predictivo
• Seguimiento de emisiones de carbono

Innovación continua de productos y desarrollo de tecnología

La compañía mantiene una cartera de patentes de tecnología de 17 activos de propiedad intelectual registrada.

Métricas de innovación	2023 datos
Cartera de patentes	17 activos IP registrados
Inversión de innovación anual	$ 4.6 millones

Karooooo Ltd. (Karo) - Modelo de negocios: recursos clave

Plataforma de telemática SaaS patentada

A partir del tercer trimestre de 2023, la plataforma SaaS patentada de Karooooo admite 1,1 millones de suscriptores activos en múltiples geografías. La plataforma procesa aproximadamente 2.500 millones de puntos de datos diariamente.

Métrica de plataforma	Valor
Suscriptores activos	1,100,000
Puntos de datos diarios	2,500,000,000
Alcance geográfico	Múltiples países

Equipo avanzado de ingeniería de software

Karooooo emplea a 187 ingenieros de software a partir de diciembre de 2023, con un 82% que posee títulos técnicos avanzados.

• Ingenieros de software totales: 187
• Titulares de grado avanzado: 82%
• Experiencia promedio de ingeniería: 6.4 años

Infraestructura de recopilación y procesamiento de datos

La empresa mantiene 5 centros de datos primarios con 99.99% de tiempo de actividad e infraestructura en la nube que abarca 3 continentes.

Infraestructura métrica	Especificación
Centros de datos	5
Tiempo de actividad del sistema	99.99%
Presencia continental	3

Patentes de propiedad y tecnología intelectual

A partir de 2023, Karooooo posee 14 patentes de tecnología registradas en los dominios de gestión de telemática y flotas.

Atención al cliente global y experiencia técnica

La compañía mantiene equipos de soporte técnico en 7 países, proporcionando asistencia multilingüe de los clientes multilingües 24/7.

• Países de apoyo: 7
• Idiomas compatibles: 12
• Tiempo de respuesta promedio: 17 minutos

Karooooo Ltd. (Karo) - Modelo de negocio: propuestas de valor

Soluciones integrales de gestión de flotas y seguimiento de vehículos

Karooooo proporciona soluciones telemáticas avanzadas con las siguientes métricas clave:

Métrico	Valor
Vehículos totales rastreados	650,000+
Cobertura geográfica	Sudáfrica, India, Brasil, Malasia
Tamaño promedio de la flota por cliente	75-250 vehículos

Ideas operativas en tiempo real y mejoras de eficiencia

Las características de eficiencia operativa incluyen:

• Precisión de seguimiento del GPS en tiempo real del 99.7%
• Alertas de mantenimiento predictivas que reducen el tiempo de inactividad en un 35%
• Capacidades de optimización de ruta ahorro de hasta el 22% en los costos de combustible

Reducción de costos a través de la tecnología telemática avanzada

Área de reducción de costos	Porcentaje guardado
Gastos de combustible	15-25%
Costos de mantenimiento	10-18%
Primas de seguro	8-12%

Seguridad de vehículos mejorados y gestión de activos

Las características de seguridad proporcionan:

• Detección de robo en tiempo real
• Capacidades de geofencing
• Alertas de movimiento no autorizadas

Herramientas de toma de decisiones basadas en datos para empresas

Las capacidades de análisis avanzado incluyen:

Característica de análisis	Capacidad
Velocidad de procesamiento de datos	500,000 eventos por minuto
Retención de datos históricos	36 meses
Informes personalizables	Más de 100 tipos de informes

Karooooo Ltd. (Karo) - Modelo de negocios: relaciones con los clientes

Plataformas digitales de autoservicio

Karooooo proporciona una plataforma digital integral con las siguientes métricas:

Característica de la plataforma	Métricas de participación del usuario
Portal en línea	87% de tasa de adopción del usuario
Aplicación móvil	523,000 usuarios mensuales activos
Tablero digital	Capacidades de seguimiento en tiempo real

Equipos dedicados de atención al cliente

La infraestructura de atención al cliente incluye:

• Canales de soporte multilingües 24/7
• Tiempo de respuesta promedio: 12 minutos
• Calificación de satisfacción del cliente: 4.6/5

Gestión de cuentas personalizada

El enfoque personalizado de Karooooo implica:

Métrica de gestión de cuentas	Valor
Gerentes de cuentas dedicados	68 gerentes profesionales
Retención promedio del cliente	Tasa de retención anual del 93%
Desarrollo de soluciones personalizadas	37 soluciones empresariales a medida

Actualizaciones y capacitación de productos regulares

Actualización de productos y estadísticas de capacitación:

• Actualizaciones de software trimestrales
• Sesiones anuales de capacitación de usuarios: 124 talleres globales
• Tasa de finalización de capacitación en línea: 82%

Comunidad en línea y base de conocimiento

Métricas de compromiso de la comunidad:

Plataforma comunitaria	Datos de compromiso
Miembros del foro en línea	14,500 usuarios registrados
Artículos de base de conocimiento	673 guías integrales
Interacciones comunitarias mensuales	22,300 compromisos de usuario

Karooooo Ltd. (Karo) - Modelo de negocios: canales

Equipo de ventas directas

A partir de 2024, Karooooo mantiene un equipo de ventas directo de aproximadamente 87 profesionales de ventas en múltiples regiones geográficas.

Región	Tamaño del equipo de ventas	Cobertura de ventas
Sudáfrica	42	Mercado principal
Mercados internacionales	45	Regiones emergentes

Sitio web en línea y plataformas digitales

La plataforma digital de Karooooo aloja 126,450 cuentas de usuario activas a partir del cuarto trimestre de 2023.

• Tráfico del sitio web: 475,000 visitantes únicos mensuales
• Tasa de conversión de plataforma digital: 3.7%
• Duración promedio de la sesión del usuario: 12.4 minutos

Red de socios y revendedores

La compañía opera con 214 socios de distribución y tecnología certificada a nivel mundial.

Tipo de socio	Número de socios	Contribución de ingresos
Socios tecnológicos	87	22% de los ingresos totales
Socios de distribución	127	18% de los ingresos totales

Marketing digital y generación de leads

Gastos de marketing digital: $ 2.3 millones en 2023

• Gasto en anuncios de Google: $ 780,000
• Marketing en redes sociales: $ 450,000
• Campañas de marketing por correo electrónico: $ 370,000
• Publicidad programática: $ 700,000

Conferencias de la industria y ferias comerciales

Participación anual en 24 conferencias internacionales de tecnología y telemática.

Tipo de conferencia	Número de eventos	Generación de leads
Conferencias tecnológicas	12	1.350 clientes potenciales calificados
Exposiciones telemáticas	8	980 clientes potenciales calificados
Foros de tecnología de transporte	4	620 clientes potenciales calificados

Karooooo Ltd. (Karo) - Modelo de negocios: segmentos de clientes

Operadores de flota comercial

A partir del cuarto trimestre de 2023, Karooooo atiende a aproximadamente 2,750 operadores de flota comercial en múltiples regiones. El tamaño total del mercado de gestión de la flota para estos operadores se estima en $ 24.3 mil millones a nivel mundial.

Categoría de tamaño de la flota	Número de clientes	Ingresos anuales promedio por cliente
10-50 vehículos	1,450	$18,750
51-200 vehículos	870	$42,500
Más de 200 vehículos	430	$87,300

Empresas de transporte y logística

Karooooo ha penetrado en el 12.5% ​​del mercado global de Telemática de Transporte y Logística, con 1.350 clientes activos en este segmento.

• Empresas de transporte: 680 clientes
• Servicios de mensajería y entrega: 420 clientes
• Logística de carga y envío: 250 clientes

Empresas pequeñas a medianas

El segmento SMB representa el 45% de la base de clientes de Karooooo, por un total de aproximadamente 3.600 clientes comerciales activos.

De la industria vertical	Conteo de clientes	Suscripción mensual promedio
Construcción	890	$215
Servicios de campo	1,250	$180
Agricultura	460	$165

Corporaciones de nivel empresarial

Los clientes empresariales aportan el 35% de los ingresos totales de Karoooooo, con 210 grandes clientes corporativos a partir de 2023.

• Valor anual del contrato: $ 150,000 - $ 750,000
• Tamaño promedio de la flota: 500-2,500 vehículos
• Industrias: fabricación, energía, telecomunicaciones

Organizaciones gubernamentales y del sector público

Karooooo ha asegurado contratos con 85 organizaciones gubernamentales y del sector público en múltiples jurisdicciones.

Sector	Número de clientes	Valor total del contrato
Transporte municipal	42	$ 18.5 millones
Servicios de emergencia	23	$ 12.3 millones
Servicios públicos	20	$ 9.7 millones

Karooooo Ltd. (Karo) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal que finalizó el 29 de febrero de 2024, Karoooooo Ltd. reportó gastos de investigación y desarrollo de $ 14.4 millones, lo que representa el 16.8% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2024	$ 14.4 millones	16.8%

Infraestructura en la nube y mantenimiento de tecnología

Los costos de infraestructura tecnológica para Karooooo Ltd. totalizaron $ 8.2 millones en el año fiscal 2024, que cubre servicios en la nube, hardware y mantenimiento de software.

• Gastos de servicio en la nube: $ 4.6 millones
• Mantenimiento de hardware: $ 2.1 millones
• Licencias de software y actualizaciones: $ 1.5 millones

Inversiones de ventas y marketing

Los gastos de ventas y marketing para la compañía alcanzaron los $ 22.7 millones en el año fiscal 2024, lo que representa el 26.5% de los ingresos totales.

Canal de marketing	Gastos
Marketing digital	$ 9.3 millones
Ventas directas	$ 7.8 millones
Ferias y eventos comerciales	$ 5.6 millones

Compensación y capacitación de empleados

Los gastos totales relacionados con los empleados para Karooooo Ltd. ascendieron a $ 37.5 millones en el año fiscal 2024.

• Salarios base: $ 28.6 millones
• Bonos de rendimiento: $ 5.2 millones
• Capacitación y desarrollo de empleados: $ 3.7 millones

Atención al cliente y operaciones de servicio

Los costos de atención al cliente para la empresa fueron de $ 6.9 millones en el año fiscal 2024, lo que representa el 8.1% de los ingresos totales.

Canal de soporte	Gastos
Apoyo técnico	$ 4.2 millones
Centros de servicio al cliente	$ 2.7 millones

Karooooo Ltd. (Karo) - Modelo de negocios: flujos de ingresos

Plataforma SaaS basada en suscripción

Para el año fiscal 2023, Karooooo informó ingresos por suscripción total de $ 54.3 millones, lo que representa un crecimiento anual del 22%. La plataforma SaaS de la compañía genera ingresos mensuales recurrentes a través de modelos de suscripción escalonados.

Nivel de suscripción	Precio mensual	Contribución anual de ingresos
Basic	$29.99	$ 8.7 millones
Profesional	$99.99	$ 22.5 millones
Empresa	$299.99	$ 23.1 millones

Ventas de hardware de dispositivos de seguimiento

Las ventas de hardware generaron $ 17.6 millones en ingresos para el año fiscal 2023, con un precio promedio del dispositivo de $ 189.

• Estándar del dispositivo de seguimiento del GPS: $ 149
• Dispositivo de seguimiento del GPS avanzado: $ 249
• Kit de hardware de gestión de flotas: $ 399

Servicios profesionales y consultoría

Los servicios de consultoría contribuyeron con $ 6.2 millones a los ingresos de la compañía en 2023, con un compromiso de consultoría promedio valorado en $ 12,500.

Análisis de datos y tarifas de informes

Los servicios de análisis de datos generaron $ 4.8 millones en ingresos, con precios que van desde $ 500 a $ 5,000 por mes dependiendo de la complejidad y el volumen de datos.

Servicios de implementación e integración

Los servicios de implementación representaron $ 3.9 millones en ingresos, con un costo promedio del proyecto de $ 22,000 por cliente empresarial.

Tipo de servicio	Precio medio	Ingresos anuales
Integración básica	$5,000	$ 1.5 millones
Integración compleja	$25,000	$ 2.4 millones

Desglose total de ingresos para el año fiscal 2023:

• Ingresos de suscripción: $ 54.3 millones (65.4%)
• Ventas de hardware: $ 17.6 millones (21.2%)
• Servicios profesionales: $ 6.2 millones (7.5%)
• Análisis de datos: $ 4.8 millones (5.8%)
• Servicios de implementación: $ 3.9 millones (4.7%)

Karooooo Ltd. (KARO) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers stick with Karooooo Ltd.'s platforms, which is what value propositions are all about. It's not just features; it's the tangible results they deliver to physical operations.

Simplified decision-making for complex physical operations.

Karooooo Ltd. helps managers cut through the noise of complex physical processes. The platform aggregates massive amounts of operational data into actionable insights. As of the second quarter of fiscal year 2026, the proprietary data asset was generating over 275 billion valuable data points monthly, which is what fuels these practical, easy-to-execute recommendations for customers. This scale of data processing is key to simplifying what used to be paper-based or siloed decision-making.

Significant cost reduction and increased efficiency in fleet management.

The efficiency gains translate directly to the bottom line, which you can see in the unit economics. The company maintains a strong LTV to CAC (Lifetime Value to Customer Acquisition Cost) ratio, which remained above 9x in Q2 FY2026, showing that the value delivered far outweighs the cost to acquire the customer. Furthermore, the core Cartrack subscription business shows high profitability, with a subscription gross margin of 72% in Q2 FY2026. Honestly, this level of margin stability while growing is a strong indicator of sustained efficiency.

Here's a quick look at some key financial metrics supporting this value:

Metric (as of Q2 FY2026)	Value	Segment
Subscription Gross Margin	72%	Cartrack
Operating Profit Margin	29%	Cartrack
LTV to CAC Ratio	Above 9x	Cartrack
Total Subscribers	Approximately 2.5 million	Group

Enhanced driver safety and risk mitigation via AI Video and real-time monitoring.

Risk mitigation is a growing part of the value, especially with the AI Video capabilities. Karooooo Ltd. has made this a strategic focus over the last few quarters. While the company is excited about the potential to drive penetration rates higher, as of late 2025, the penetration rates for the AI Video product within the current customer base were still in the low single digits. This suggests a significant runway for this specific safety-focused value driver.

High customer retention rate of 95%, proving sustained value.

The stickiness of the platform is perhaps the clearest proof of sustained value. The commercial customer ARR (Annual Recurring Revenue) retention rate was consistently reported at 95% across Q1 FY2026, Q2 FY2026, and FY2025. If onboarding takes 14+ days, churn risk rises, but this 95% figure shows that once customers are integrated, they find the platform indispensable.

Capital-light Delivery-as-a-Service (DaaS) for e-commerce scaling.

Karooooo Logistics provides a capital-light way for large enterprises to scale their e-commerce and logistics. This DaaS offering is growing rapidly. In Q2 FY2026, Karooooo Logistics revenue reached ZAR139 million, marking an increase of 38% year-over-year. For the full fiscal year 2025, this segment delivered revenue of ZAR420 million, up 33% year-over-year, demonstrating its role in empowering customer scaling without heavy capital outlay from Karooooo Ltd. itself.

You should track the growth of this segment:

• Karooooo Logistics Revenue (Q2 FY2026): ZAR139 million.
• Karooooo Logistics Revenue Growth (Q2 FY2026): 38%.
• Karooooo Logistics Operating Profit Margin (Q2 FY2026): 8%.
• FY 2025 DaaS Revenue: ZAR420 million.

Finance: draft 13-week cash view by Friday.

Karooooo Ltd. (KARO) - Canvas Business Model: Customer Relationships

You're looking at how Karooooo Ltd. keeps its growing base of vehicle and fleet operators happy and locked into the platform. Honestly, the relationship strategy clearly splits based on customer size, which makes sense given the different needs of a small business versus a major logistics player.

Dedicated, high-touch account management for large enterprise customers.

For your biggest clients, especially those using the Karooooo Logistics Delivery-as-a-Service (DaaS) offering, the approach is definitely hands-on. Karooooo Logistics is structurally designed to empower these large enterprise customers to scale their e-commerce and logistics operations using a capital-light model. This deep integration into their operations, which helps drive high Cartrack customer retention, suggests a dedicated account management structure is in place to handle complex, scaled deployments. For instance, in FY2025, Karooooo Logistics revenue grew to ZAR420 million, showing significant enterprise adoption. This segment is key to learning about the operational challenges confronting Karooooo's largest customers.

Automated, self-service tools for small to medium-sized business (SMB) users.

The sheer scale of the Cartrack subscriber base points toward a highly efficient, lower-touch model for the majority of users, which would be the SMB segment. With total subscribers reaching 2.3 million by the end of FY2025, supporting every single one with dedicated staff isn't feasible or profitable. The platform's success relies on delivering pragmatic and impactful insights that are easy to execute on, leveraging its data asset which generates more than 180 billion valuable data points monthly. The introduction of new features like the fuel validation software helps automate cost-saving and operational checks, which is a form of self-service value delivery.

Long-term, sticky contracts typical of the SaaS subscription model.

The stickiness of the relationship is evident in the retention figures, which is the hallmark of a strong SaaS model. Karooooo consistently reports a very healthy commercial customer retention rate. For the fourth quarter of FY2025, this rate was maintained at 95%. Subscription revenue is the core, representing 98% of Cartrack's total revenue. This high retention, coupled with a strong Lifetime Value to Customer Acquisition Cost (LTV to CAC) ratio remaining above 9 in Q4 2025, confirms that customers view the service as essential and long-term. If onboarding takes 14+ days, churn risk rises, but the numbers suggest they are managing this well.

Customer-centric culture focused on solving operational challenges.

The company explicitly highlights a customer-centric culture as key to its success. This isn't just talk; it's backed by product innovation aimed at real-world problems. For example, the new fuel validation software directly addresses fraudulent transactions and duplicate errors, helping companies achieve greater operational efficiency and cost savings. This focus on solving tangible operational challenges-from fuel theft to logistics scaling-is what keeps the customer base loyal. The culture is about making decision-making simple, fast, and impactful for the user.

Here's a quick look at the unit economics that reflect the strength of these customer relationships:

Metric	Value (Latest Reported)	Period/Context
Commercial Customer Retention Rate	95%	Q4 FY2025
LTV to CAC Ratio	Above 9	Q4 FY2025
Total Subscribers	2.3 million	End of FY2025
South Africa Subscriber Base	More than 1.7 million	End of FY2025 (75% of total)
Monthly Data Points Generated	More than 180 billion	Q3 2025

The relationship strategy is clearly working to create high-value, low-churn customers. Finance: draft 13-week cash view by Friday.

Karooooo Ltd. (KARO) - Canvas Business Model: Channels

You're looking at how Karooooo Ltd. gets its Software-as-a-Service (SaaS) platform, primarily Cartrack, into the hands of customers. It's a mix of boots on the ground and cloud delivery, which is typical for a successful IoT play.

Direct sales force for commercial and enterprise customer acquisition

Karooooo Ltd. relies heavily on its direct sales capacity to bring in commercial and enterprise clients. This is a key channel for securing the high-value, long-term contracts that underpin the recurring revenue model. The investment in this channel shows up clearly in the spending figures.

• Sales and marketing expenses were up 34% in the second quarter of fiscal year 2026 (Q2 2026).
• In Southeast Asia specifically, sales headcount increased by 70% to drive subscription revenue growth.

Cartrack's on-the-ground operational IoT Software-as-a-service cloud

The core channel is the operational IoT SaaS cloud itself, which is the delivery mechanism for the Cartrack service. This is where the data points really tell the story of scale and stickiness. The platform is the product, delivered via the cloud, but requiring on-the-ground installation and support, which is part of the distribution network.

Here's a look at the scale of the Cartrack SaaS platform as of the period ended August 31, 2025:

Metric	Value as of August 31, 2025	Comparison Period/Note
Total Cartrack Subscribers	2,456,989	Q2 2026 (vs. 2,136,610 in Q2 2025)
SaaS Annualized Recurring Revenue (ARR)	ZAR4,806 million	As at August 31, 2025
ARR Growth Rate	20%	Year-over-year as at August 31, 2025
Q2 2026 Subscription Revenue	ZAR1,182 million	For the quarter ended August 31, 2025
Subscription Revenue as % of Cartrack Total Revenue	98%	Q2 2026

The commercial customer ARR retention rate remains at 95%, showing how well the service sticks once installed.

Extensive physical presence and distribution network across four continents

Karooooo Ltd. uses its physical footprint to install the IoT hardware and service the installed base, which is critical for a hardware-enabled SaaS model. They service customers in more than 20 countries.

• Maintains a commanding 65% market share in its home market of South Africa.
• Actively expanding its 22% market share in Brazil.
• Targeted entry into Latin America in the 2024-2025 window.
• Conducting initial assessments for the Middle East, targeting entry in 2025-2026.

This global approach means the distribution network spans Africa, Europe, and Asia, with active exploration in the Americas.

Digital platforms for software access and customer support

The final channel involves the digital interface for customers to consume the insights derived from the IoT data. This is the SaaS element that drives the recurring revenue. The platform is designed to simplify day-to-day operations for fleet managers and logistics personnel.

The entire Cartrack offering is delivered via a cloud-based smart mobility platform. The company continues to enhance this platform with features like AI Video capabilities and the Cartrack-Tag, which are sold to both new and existing customers.

Finance: Finance needs to reconcile the ZAR ARR figure to USD ARR for the next board deck by Wednesday.

Karooooo Ltd. (KARO) - Canvas Business Model: Customer Segments

You're looking at the customer base for Karooooo Ltd. (KARO) as of late 2025, which is heavily anchored by the Cartrack subscription platform and the growing Karooooo Logistics segment. The customer segments are quite distinct based on geography and the specific services they utilize.

Commercial fleets and enterprises form the foundational layer of the business. As of the latest reports in October 2025, Karooooo services more than 125,000 commercial customers across its operations. This customer base supports a total of approximately 2.5 million active subscribers across more than 20 countries. The stickiness of this group is evident, with the commercial Annualized Recurring Revenue (ARR) retention rate remaining at 95%.

The customer base can be segmented by the primary services they use, which naturally aligns with the scale of their operations. Here's a look at the key segments and associated metrics:

Customer Segment Focus	Primary Karooooo Offering	Key Metric/Data Point (as of late 2025)
Commercial Fleets & Enterprises (Overall)	Cartrack SaaS Platform	More than 125,000 commercial customers
Large Enterprises Scaling E-commerce/Logistics	Karooooo Logistics (DaaS)	Karooooo Logistics revenue was ZAR139 million in Q2 2026 (up 38% year-over-year)
SME/Basic Telematics Users	Cartrack Core Telematics	Commercial ARR retention rate of 95%
Geographically Diverse Customers	Cartrack/Logistics	South Africa accounts for approximately 70% of revenue

Large enterprises scaling e-commerce and logistics operations are specifically served by Karooooo Logistics, which operates as a Delivery-as-a-Service offering. This segment is rapidly growing, with revenue increasing by 38% to ZAR139 million in the second quarter ending August 31, 2025. For the full fiscal year 2025, Karooooo Logistics delivered revenue of ZAR420 million. This service immerses the platform into large customers' operations, helping them scale their e-commerce capabilities through a capital-light model.

For small and medium-sized businesses requiring basic telematics and security, the core Cartrack SaaS platform is the solution. While specific subscriber counts for only the SMB tier aren't broken out, the high overall commercial customer retention rate of 95% suggests strong value delivery across this segment. The company is also seeing encouraging demand for its proprietary compliance technology as legislation evolves.

The customer base is significantly geographically diverse, though heavily concentrated in its home market. You see clear revenue and subscriber contributions across its key regions:

• Subscribers in South Africa represent approximately 1.85 million, generating about 70% of the total group revenue.
• Europe ended Q2 2026 with approximately 216,000 subscribers, an increase of 19%, and this region comprised 10% of total subscription revenue.
• Southeast Asia is noted as the second largest contributor to group revenue and is the fastest-growing region on a constant currency basis. Subscription revenue growth in Southeast Asia accelerated to 30% in Q1 2026.

Finance: draft 13-week cash view by Friday.

Karooooo Ltd. (KARO) - Canvas Business Model: Cost Structure

You're looking at the core expenditures that fuel Karooooo Ltd.'s growth engine, which is heavily weighted toward scaling its subscription base. The cost structure reflects a commitment to aggressive customer acquisition and platform superiority.

The significant operating expenses for Karooooo Ltd. in the fiscal year ended February 28, 2025 (FY2025) totaled ZAR1,901,088 thousand, representing a 15% year-over-year increase from ZAR1,660,166 thousand in FY2024.

The breakdown of these costs shows where the bulk of the operational spend is directed:

• Cartrack accounted for ZAR1,805,815 thousand of the total operating expenses.
• Karooooo Logistics accounted for ZAR95,273 thousand of the group's total operating expenses.

The investment in securing future revenue streams is clearly visible in the capital expenditure line item related to hardware. Capital expenditure on telematics devices for new subscriber installations is tracked through the capitalization of assets. For FY2025, the balance sheet reflects that capitalized in-vehicle telematic devices increased by ZAR310 million, reaching a total of ZAR 1,342 million as of February 28, 2025. This is the upfront cost to onboard new subscribers into the Cartrack operations cloud.

Maintaining technological differentiation requires consistent investment in the platform itself. The R&D investment by Cartrack for FY2025 saw an increase of 9%, reaching ZAR215 million, up from ZAR197 million in the prior year. This spend is aimed at innovation for the Operations Cloud and internal management systems.

The push for new customer acquisition is a major cost driver, reflected in the sales and marketing costs:

Metric	FY2025 Amount (ZAR million)	Year-over-Year Change
Cartrack Sales and Marketing Expenses	613	30% increase
Cartrack Sales and Marketing Expenses (FY2024)	473	-

This increased spending directly supports the expansion strategy, particularly into key growth territories. You see this focus on expansion in the commentary, noting that Southeast Asia continues to represent the largest medium-to-long-term growth opportunity for Karooooo Ltd. The investment in sales and marketing is intended to support ongoing and future customer acquisition across these geographies.

Here's a quick look at the key expense categories for FY2025:

• Total Operating Expenses: ZAR1,901 million.
• Sales and Marketing Expenses (Cartrack): ZAR613 million.
• R&D Expenses (Cartrack): ZAR215 million.
• Increase in Capitalized In-Vehicle Telematic Devices: ZAR310 million.

Finance: draft 13-week cash view by Friday.

Karooooo Ltd. (KARO) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Karooooo Ltd.'s value capture, which is heavily weighted towards recurring software revenue. Honestly, the numbers tell a clear story about where the money is coming from right now.

The primary revenue driver is the Cartrack subscription revenue, which hit ZAR4.07 billion for the full fiscal year 2025. This shows the strength of their Software as a Service (SaaS) foundation. To be fair, this recurring stream is what gives the business its stability and predictability.

Next up is the growth engine from the logistics side. Delivery-as-a-Service (DaaS) revenue, coming from Karooooo Logistics, reached ZAR420 million in FY2025. That's a solid contribution from a segment that is clearly scaling fast, even if it's a smaller piece of the overall pie compared to Cartrack.

Then you have the smaller, non-recurring component. Non-subscription revenue, which mainly comes from the sale of telematics devices to large enterprise customers who opt for non-bundled contracts, was reported at ZAR89,618 thousand for FY2025. Cartrack definitely keeps its focus on the bundled subscription model, but this hardware component exists.

The highly recurring nature of the model is best captured by the latest Annual Recurring Revenue (ARR) metric. As of the second quarter of FY2026, the SaaS ARR accelerated to ZAR4.806 billion. That's the forward-looking signal you want to see, showing the contracted revenue base is growing robustly.

Here's a quick look at how these key revenue components stacked up for the most recent reported periods:

Revenue Stream Component	Period	Amount (ZAR)
Cartrack Subscription Revenue (FY2025)	Full Year FY2025	4,068 million
Karooooo Logistics DaaS Revenue (FY2025)	Full Year FY2025	420 million
Non-Subscription Revenue (FY2025)	Full Year FY2025	89,618 thousand
SaaS ARR (Q2 FY2026)	As of August 31, 2025	4,806 million

You can see the split in the business structure:

• Subscription revenue equated to 98% of Cartrack's total revenue in Q2 FY2026.
• Commercial customer ARR retention rate was a strong 95% as of Q2 FY2026.
• The LTV/CAC (Lifetime Value to Customer Acquisition Cost) ratio remains above 9x.

The business is definitely structured around locking in that recurring subscription income. Finance: draft 13-week cash view by Friday.