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Bolt Kenya Denies Acquisition Talks with Little Cab Amid License Renewal Challenges

Bolt Kenya Denies Acquisition Talks with Little Cab Amid License Renewal Challenges

#business
#transportation
#mobility
Bolt Kenya, a popular ride-hailing app in East Africa, has refuted claims of acquisition discussions with Little App, a Kenyan competitor. The alleged talks reportedly concluded after Bolt's annual operating license was renewed by the National Transport Authority of Kenya (NTSA).

Bolt Kenya stated, "Bolt has not engaged in any discussions regarding a potential buyout, as we are not available for acquisition." Little App's CEO, Kamal Budhabhatti, clarified that they had proposed a "possible collaboration" through a letter to Bolt, which aimed to open the door for discussions but was dropped after Bolt secured its license.


In recent weeks, Bolt faced license renewal challenges due to multiple assault complaints. Little App, operating in several African countries, reported bootstrapping to profitability with a current valuation between $200-250 million. In contrast, Bolt raised $711 million in early 2022, valuing the company at around $8.4 billion.


#BoltKenya #LittleApp #AcquisitionRumors #LicenseRenewal #RideHailing #Collaboration #EastAfrica #NTSA


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