NopeaRide is leaving the market after its parent company failed to raise additional funding.
NopeaRide said that the all-electric vehicle taxi player, which sought to drive a shift to eco-friendly transport options, has filed for insolvency in the country.
We took our fleet of electric vehicles off the road to let our staff know. NopeaRide said in a statement that they are working with relevant authorities to make sure their operations are wound up in accordance with local legislation.
We would like to apologize to our staff and drivers. We would like to express our gratitude to our loyal NopeaRide customers, corporate clients and other partners who have supported NopeaRide's vision for electric mobility in Africa.
The launch of NopeaRide in Africa was due to the development of solutions based on electric vehicles and solar energy.
NopeaRide supplied the charging network and the driver and rider apps. The drivers were supposed to arrange their own financing.
By the time of closing, the startup had grown from three vehicles to 70 and built a charging network across the city.
NopeaRide received 200,000 in funding last year, a fraction of what it was raising, from Eep Africa, a financing facility for early-stage clean energy in Southern and East Africa.
The startup said it was on a path to recovery this year, after its business was badly hit by the Covid pandemic, which led to a dip in the number of rides.
The traffic numbers grew in the first half of the 20th century. It said that we started to put more effort in the corporate segment as their employees were returning to office and signed contracts with a few big international companies.
EkoRent OY went into insolvency in Finland and was unable to secure additional financing to grow the business.
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