Karooooo, a Singapore-headquartered company that owns the South African fleet management and operational analytics company Cartrack, has reported a record quarterly increase in subscribers. The most significant growth was demonstrated in South Africa.
Over the three months ending May 31, 2026, net subscriber growth increased by 70%, reaching a record 142,472. This allowed Cartrack's total subscriber count to exceed 2.8 million, which is 18% more than the previous year.
South Africa led among the regions. Local subscriber growth surged by 92%, and subscription revenue growth in the domestic market accelerated to 24%. During the reporting period, nearly 2.12 million subscribers were registered in South Africa, an 18% year-on-year increase.
Group CEO Zak Kalisto noted that the 2027 financial year started with strong and accelerated growth, driven by Cartrack's subscription revenue growth of 21% in constant currency and a record net subscriber increase of 142,472 for the quarter.
The company's total subscription revenue grew by 19%, amounting to 1.35 billion rand, and operating profit increased by 16%, reaching a record 410 million rand. Earnings per share rose by 11% to 9.53 rand.
However, the stronger rand had a negative impact on reported figures, as much of Karooooo's revenue outside of South Africa generates fewer rand with the strengthening local currency. In constant currency, Cartrack's subscription revenue grew by 21%, and annual recurring revenue, which grew by 19% in rand terms to 5.4 billion rand, increased by 32% in USD equivalent to 335 million US dollars.
The record subscriber growth required significant expenditure. Cartrack's sales and marketing expenses increased by 32%, reaching 240 million rand, as the company continued to expand distribution capabilities it began building at the start of the 2026 fiscal year. Consequently, the operating profit margin decreased from 30% the previous year to 28%.
Free cash flow sharply declined to 60 million rand compared to 338 million rand in the same quarter last year. This is because Karooooo invested 462 million rand—62% more than the previous year—in in-vehicle IoT devices and inventory for future installations to support the accelerated customer acquisition pace. The company stated that these investments are paying off, as the customer lifetime value to customer acquisition cost ratio continues to exceed nine times. It was also noted that sales and marketing expenditures typically take about six months to convert into new customers.
Karooooo confirmed its full-year forecasts, expecting Cartrack's subscription revenue to be between 5.7 and 6 billion rand, implying growth of 18–24%. The earnings per share forecast is between 38.50 and 40 rand, averaging an expected growth of 21% compared to adjusted FY2026 figures. Growth in other group regions was slower, partly due to currency challenges. Subscription revenue in the Asia-Pacific and Middle East regions grew by 6% in rand terms (17% in constant currency), and in Europe by 7% (13% in constant currency). Karooooo considers Southeast Asia the most promising medium-term and long-term growth opportunity after South Africa.
Furthermore, Karooooo Logistics, a business owned by the group 81% and engaged in delivery services, increased revenue by 46% to 177 million rand due to demand from corporate clients expanding fast commercial service operations, popular in South Africa, such as Checkers Sixty60. The group announced an interim dividend of $1.50 per share, payable to JSE shareholders on July 20.
The compact crossover Tata Osprey, known as the Nexon in most international markets, is preparing for its debut in South Africa. Although Tata Motors has not yet achieved the strong market penetration of some of its Indian and Chinese competitors, the brand is gradually expanding its presence, and the new product will play a key role in this expansion.
The Indian manufacturer returned to South Africa in 2025, introducing models such as the compact hatchback Tigao, along with SUVs like the Punch, Curvv, and Harrier. The next model to enter the market is the Osprey, which is marketed as the Nexon in other regions. The Osprey is expected to arrive in dealerships in the third quarter of 2026, and there is a possibility that it could become a brand bestseller.
Pricing and trim details will be announced closer to the launch, but given that the vehicle measures 3995 mm in length, it is likely to position itself between the Punch and Curvv models. It will compete with turbocharged versions of the Nissan Magnite and entry-level variants of the Chery Tiggo 4. Since the Punch is sold in the price range of R244,900 to R339,900, and the Curvv starts from R349,900, it is reasonable to assume that the Osprey might cost less than R300,000.
The specific lineup for the local market has not yet been confirmed, but in the domestic market, the Osprey is offered with a 1.2-liter turbocharged petrol engine producing 88 kW, as well as a 1.5-liter turbocharged diesel engine producing 84 kW. Both options feature front-wheel drive. The interior boasts interesting color schemes. According to Tata Motors SA, the cabin of the local models will be equipped with a 10.25-inch Harman multimedia system and a digital instrument cluster of similar size. The IRA 2.0 connected car technology will allow owners to remotely monitor their vehicles. Other features include ventilated synthetic leather seats, an HD rear-view camera with 360-degree view, an HD backup camera, and a blind-spot monitoring system.
In terms of safety, the Osprey has received a five-star rating from Global NCAP, and its equipment includes six airbags and second-level ADAS driver assistance systems. Furthermore, Tata plans to launch its rather impressive mid-size SUV, the Sierra, in South Africa this year. Jeff Ellison, General Manager of Products and Marketing at Tata SA, noted: 'Since our return to South Africa last year, we have achieved tremendous success, exceeding our targets and selling over 600 vehicles in May.' He added that 'various launches of new models in the medium term are intended to support and strengthen this momentum so that the brand continues to grow in South Africa.'
Residents in KwaZulu-Natal (KZN) are facing uncertainty as Eskom escalates its efforts to eliminate illegal electricity connections across the province. In Lion Park, residents attempted unsuccessfully on Wednesday to physically obstruct Eskom and police from entering their village to sever unauthorized power supplies.
Utility workers were actively engaged on Wednesday and Thursday, dismantling and seizing numerous transformers and cables that the Lion Park community in Pietermaritzburg had been using for power theft. Residents tried to block the road leading to Lion Park to prevent Eskom from enforcing a Pietermaritzburg High Court order mandating the disconnection.
This recent action followed a similar operation conducted in March at Hardingsdale Farm, locally known as Claridge, also situated in Pietermaritzburg. Eskom issued a statement on Wednesday warning that comparable operations would be implemented throughout the province in areas known for widespread illegal hookups.
Since the disconnections began, some residents in Claridge who can afford it have installed solar panels to maintain lighting and run household appliances. While Eskom lacks a precise count of villages with illegal connections, Dadewabo Mbhele, the Senior Manager for Customer Services, informed the media in Lion Park that intelligence gathering is underway to pinpoint these locations.
Mbhele confirmed plans to extend operations to other regions, noting that in other provinces, they have already disconnected farmers who have maintained illegal connections for extended periods. She emphasized that the goal of working with intelligence is to locate energy loss points to secure the network for paying customers.
Mbhele previously estimated in March that the utility suffers annual losses amounting to roughly R6 billion due to these illicit connections. During the Lion Park operation, some residents living in modern homes told the media they could afford legal bills but faced difficulties convincing Eskom to provide them with official connections. Mbhele explained that the inability to connect these households stems from the fact that their land is designated as agricultural rather than residential.
Eskom affirmed its commitment to supplying electricity lawfully and safely, replacing illegal links that jeopardize the stability and security of the power grid. Both Lion Park and Claridge feature properties with high-end residences.
Eskom noted that in Lion Park, electricity was illegally supplied to households numbering over 1,400 within the last twelve years. The area is predominantly composed of households classified under a high Socio-Economic Measure (SEM) who possess the means to cover service costs. These community members reportedly constructed extensive unauthorized infrastructure, including poles, lines, and transformers, to power approximately 1,400 homes.
The statement further detailed that these unauthorized connections are estimated to cause Eskom revenue losses surpassing R14 million each year. Eskom also suspects that some of the equipment used for these illegal connections may have been acquired unlawfully.
Eskom reiterated its legal duty, as stipulated by its electricity distribution license and the NRS 048 Code, to remove illegal connections and guarantee a safe and dependable electricity supply for all consumers. The utility stressed that illegal connections severely stress the network, heighten the danger of blackouts, and present serious safety risks to local populations.
The company's chairperson, Dr Mteto Nyati, cited in the statement, argued that the nation deserves reliable power, which can only be achieved through accountability and payment for services. He asserted that non-payment by both customers and municipalities hinders national progress, investment, and prosperity, stating that collective responsibility is necessary for a stronger South Africa.
Tembela Kulu, the General Manager of Eskom Group Investigations and Security, assured that the group would remain resolute in protecting its infrastructure. His teams will continue supporting the auditing and removal of illegal connections to safeguard Eskom's assets, maintain network integrity, and ensure employee safety.
Joyce Zingoni, Eskom’s Industry and Stakeholder Management Manager, reported that the combined approach of disconnecting illegal links, engaging with communities, and installing smart meters is producing favorable outcomes in combating theft and the culture of non-payment. She pledged continued execution of these activities until all illegal connections and network tampering cease, focusing on awareness, education, and removal.
The land in Lion Park is administered by the Azibuye Emasisweni Amaqhamu Community Trust, having been legally reclaimed from several farmers. The trust's chairperson, Mlungisi Khanyezi, mentioned that he and the trust's legal team were preparing an urgent application at the Pietermaritzburg High Court to seek an injunction against Eskom's disconnection efforts. However, when contacted on Thursday for an update, he stated he was in a meeting and would only be available after 1 pm, ultimately failing to answer calls or respond to WhatsApp messages.
The trust has urged the public to report any illegal connections anonymously through its crime line (0800 11 27 22), WhatsApp (081 333 3323), email (eskom@whistleblowing.co.za), or SMS Line (31090).
Conquest, Asia's largest student accelerator and an initiative of the Centre for Entrepreneurial Leadership (CEL) at BITS Pilani, has announced its cohort for 2026. Twenty-two startups were selected from over 3000 applications received from across the country.
The program operates on a non-equity and no-fee model. It has established itself as one of the leading platforms for early founders seeking ecosystem support, access to investors, and mentorship without encumbrances.
This year's cohort covers a wide range of industries, including artificial intelligence, robotics, semiconductor infrastructure, healthcare, and climate innovations. This selection reflects a deliberate decision to support founders across various industries rather than concentrating on a single theme.
A significant number of the selected startups are developing technologies aimed at improving industrial efficiency, reducing waste, and implementing more sustainable production systems. Other companies are focused on healthcare, addressing issues of accessibility, preventive care, and patient outcomes. Startups working on Unmanned Aerial Vehicles (UAVs), robotics, AI-based automation, and specialized software infrastructure are also represented—areas where Indian founders aim to create globally significant products from the outset.
One notable trend in the current selection is the growing presence of deep-tech and research-based companies. Many founders are tackling problems that require long development cycles, deep domain expertise, and genuine technical defensibility. This signals a shift from the consumer-oriented approach that dominated previous waves of Indian startup activity to businesses built around intellectual property and hard-to-replicate capabilities.
The cohort also demonstrates an expansion of startup activities in India beyond internet business models. Founders are actively entering sectors such as manufacturing, healthcare, logistics, construction, and corporate operations, applying technological solutions to areas that have historically modernized slowly.
In the coming weeks, the selected startups will undergo a structured mentorship program involving entrepreneurs, investors, operators, and subject matter experts. The main focus will be on refining product strategy, strengthening business models, and preparing for the next stage of growth. The program will conclude with an in-person week in Bengaluru, which includes workshops, networking, and direct discussions with ecosystem leaders, culminating in a Demo Day where the startups will present their projects to investors, founders, and industry stakeholders.
Founder support programs have gained increased importance amid intensifying competition for capital and talent. The scale of applications for Conquest this year attests both to the depth of entrepreneurial activity emerging across India and to founders' broader interest in structured support that goes beyond mere financial injection.
