Thursday, December 1, 2022 –-Kenya’s first fully-electric taxi company is folding up its activities in the country after failing to secure top-up funding from its parent sponsor.
NopeaRide taxi company that has been in operation since 2018 is confirmed to be quitting business in Kenya after failing to raise what it has referred to as additional funding that could keep it afloat.
The electric transport company owned by Finland-based Ekorent Africa has already gone to court to kick-start insolvency case.
“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 unique startup model ensured that its fleet of cars remained fully electric. After starting off with only three vehicles, the fleet drastically 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 including Bolt, Uber, Little Cab etc.