Renault's Finance Group Purchases Karhoo Ride-Hailing

Karhoo Inc., a ride-hailing service that shut down in November after running out of money, has been bought out by a group backed by Renault SA, according to a report by Bloomberg. The revival is an effort to take on Uber.

RCI Banque SA, an automotive finance group owned by Renault, said it beat out 40 bidders for the company, says the report. Karhoo was a smartphone app for comparing prices from various non-Uber taxi services.

Despite Karhoo’s reports that it had raised $250 million, it had really only raised about $40 million and was struggling to generate revenue, according to the report.

CEO Daniel Ishag left Karhoo in November, and two Karhoo employees who attempted to keep the company afloat (Boris Pilichowski and Nicolas Andine) are now becoming co-CEOs of the company. Karhoo plans to relaunch its services sometime in 2017, says the report.

Click here for the full Bloomberg report.

Comment On This Story

Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.


Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

Market Forces Driving Car Rental in 2018

An analysis of the conference calls of Avis Budget Group and Hertz Global Holdings reveal trends and initiatives involving fleet right sizing, pricing, ancillary revenue opportunities, and renting to ride-hailing drivers.

Trends Moving the Truck Market

Storylines that emerged from the 2018 Work Truck Show include the increasing need for on-site productivity, inclusion of active safety systems in trucks, DPF frustrations affecting product decisions, data management, and the growing link between fleet management and company revenue.

MIT Study Reinforces the Newfound Importance of Fleet

Uber and Lyft drivers make far less when factoring vehicle expenses, though the actual numbers are now in dispute. A proper lifecycle cost analysis would’ve helped, and shows the benefit of collaboration with fleet professionals.

Job Finder: Access Top Talent. Fill Key Positions.