Enterprise Television- Kenyan Ride App Little Sells Stake of Around 10%t for $3 Million
The Kenyan taxi-hailing firm, Little, which has a partnership with telecoms operator Safaricom, has sold just under 10 per cent of its shares to an unnamed Indian investor for $3 million.
The Chief Executive Officer, Little, Kamal Budhabhatti, noted that the firm which was founded in 2016 and offers 12,000 rides a day in peak times, said the investment was unplanned and that the firm would still raise another $100 million for pan-African expansion.
Budhabhatti said the firm had started operations in Uganda and Rwanda would follow later in June, followed by Zambia, Ghana and Tanzania.
However, the firm Little, competes with others that includes Uber and Taxify. The parent company, Nairobi-based software developer Craft Silicon, has invested $6 million in the app.
Budhabhatti, late last year said 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.
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