Taxi Business -First fully-electric taxi company in Kenya is folding up its activities in the country, citing non-productivity.
NopeaRide taxi company that has been in operation in Kenya since 2018 is quitting business after failing to raise what it has called ‘additional funding’ that could keep it afloat.
The fintech company owned by Finland-based Ekorent Africa has already gone to court to file for insolvency.
“We would like to extend our deepest regret to our dedicated team of staff and drivers. We would also like to thank our loyal NopeaRide customers, corporate clients and other partners who have supported NopeaRide’s vision for electric mobility in Africa,” a statement from the firm read in part.
This startup had a unique operating model which ensured that its fleet remained compeletly electric. After starting off with only three vehicles, the fleet steadily grew to 70 vehicles by the time of winding up.
The transport company built a network of charging infrastructure as well as the operating App and sourced the electric vehicles, but drivers were responsible for their financing framework.
NopeaRide’s model failed to remain profitable in a highly competitive environment dominated by other top players like Bolt, Uber, Little Cab etc.
