European manufacturer Renault has bought failed taxi start-up Karhoo out of administration for an undisclosed amount. The fee was paid to Flit Technologies Ltd, which acquired the assets of Karhoo after it went into administration last November.
The app was one of the biggest start-up fails in the United Kingdom for 2016. It allowed users to compare taxi prices and times across a variety of online platforms without having to switch between apps.
Despite raising a whopping $250M in funding from investors, it burnt through cash at an alarming. This was due in part to customers receiving free taxi rides work over $200 thanks to Karhoo’s reusable vouchers.
The new Karhoo app will be relaunched by former Karhoo employees Boris Pilichowski and Nicolas Andine as co-CEOs. The pair took over the running of the business shortly before it shut down from founder Daniel Ishag.
The will reportedly be up and running again at some point during 2017.