Little cab sells stake of around 10 percent for $3million
| June 5th 2018
Kenyan taxi-hailing firm, Little, which has a partnership with telecoms operator Safaricom , has sold just under 10 percent of its shares to an unnamed Indian investor for $3 million (Sh300m), it said on Monday.
Kamal Budhabhatti, the CEO of the firm which was founded in 2016 and offers 12,000 rides a day in peak times, told Reuters the investment was unplanned and that Little would still raise another $100 million (Sh10b) for pan-African expansion.
He said Little had started operations in Uganda and Rwanda would follow later in June, followed by Zambia, Ghana and Tanzania.
Little competes with Uber and Taxify. Little’ s parent company, Nairobi-based software developer Craft Silicon, has invested $6 million (Sh600m) in the app.
Budhabhatti had told Reuters in September last year that the company, which has about 5,000 active drivers and 345,000 active users, would look towards Silicon Valley in the United States to raise its target of $100 million (Sh10billion).
To fight drought, involve communitiesAccording to the latest information from the Meteorological Department, rainfall will be poorly distributed in April, May and June, and this will have a serious impact on agriculture
Restoring Nairobi’s iconic librariesBook Bunk is turning public libraries into what they call ‘Palaces for The People' while introducing technology in every aspect.
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