Safaricom powered taxi hailing app, Little has reportedly sold its 10 per cent stake to an unidentified Indian investor valued at over Sh.300 million.
The ‘unplanned’ investment from the Indian fintech company adds to the Sh.1 billion capital the e-taxi hailing app has so far received from Craft Silicon and other shareholders.
The money,CEO Kamal Budhabhatti said will be used for pan-African expansion. The app has already marked ground in Uganda, and will soon be in Rwanda, as the firm plans to give competitors Taxify, Uber a run for their money.
“What is happening is that the transport and auto industry which has been quite dormant, from the disruption point of view, is now ripe for disruption. A lot of new technology is getting into vehicles,” Kamal Budhabhatti said.
Founded in 2016, the firm in January sought to make trips to Silicon Valley to scout for investors to participate in a round of funding.
Little facilitates as many as 12,000 rides each day, making it the third largest ride-hailing platform in Kenya with approximately 5,000 drivers. Since its inception, Little says it has close to 400,000 active riders.
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