Kenyan cab-hailing company Little has sold 10% stake for $3m in an impromptu deal with an Indian fintech firm, Reuters reports.
The deal was “unplanned and that Little would still raise another $100 million,” earmarked for expansion across Africa. This cash injection adds to the previously raised $10m the company received from parent company, Craft Silicon LTD, and its other shareholders.
Speaking to Reuters, Craft Silicon founder and chairman, Kamal Budhabhatti said, “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.”
“There are not many players who are integrating payments into the in-car technology. So the latest funding will go to building products in that line. I will also be traveling to the US soon to get some education on how autonomous vehicle technology works,” he added.
Little will, in the future, partner with some vehicle manufacturers to integrate payments on car dashboards.
Little Ride launched in Uganda in May of this year and is expanding to Rwanda this month then eventually get into the Nigerian market. On top of this, Little will be expanding to Nakuru and Eldoret towns. The taxi app is currently only accessible in Mombasa, Nairobi, and Kisumu.