Karhoo, the ride-hailing app, which folded under a mountain of debts in November, has been rescued. RCI Bank and Services, a financial services provider for the Renault-Nissan group, has bought out the troubled company. In a statement released on Thursday night, 12th January, Karhoo said the bank was among 40 bidders who made a pitch for the app provider in December.
Flit Technologies, a new venture funded by RCI Bank and Services, 'won a competitive auction process that will see the company relaunch this year', Karhoo said without disclosing the bid amount. Boris Pilichowski and Nicolas Andine, who took over as Joint Chief Executive Officers in the last few weeks of Karhoo before it went under, have assumed the same roles at the revived company.
Karhoo said it will be hiring worldwide, but there is no news of it re-entering the Singapore. It is not known where Karhoo Founder Daniel Ishag is. Mr. Ishag has been uncontactable since he sent an email to staff on 8th November 2016 announcing Karhoo's closure.
