Comparison app Karhoo bought out of administration

Karhoo, the world’s first cab comparison platform, has been bought out of administration with a new team funded by RCI Bank and Services, the financial services provider for the Groupe Renault brands in the world and for the Nissan Group brands mainly in Europe. RCI Bank and Services operates at the crossroads of three challenging worlds: cars, banking and services.

In the month after the company folded, 40 bids were placed for the company by global corporates and investment firms from around the world, who all saw the potential in the Karhoo model, IP and contracts with fleets around the world.

Flit Technologies Ltd, a new venture funded by RCI Bank and Services, won a competitive auction process that will see the company relaunch this year.

Boris Pilichowski and Nicolas Andine, who took over as joint CEOs in the last few weeks of the previous company’s existence as they tried to find a buyer, have taken over the same roles at the new company and are recruiting around the world.

They said: “There is a need in ground transportation for someone to aggregate all the independents and allow them to compete and we are determined to make sure Karhoo fills that need. Karhoo was amazingly successful in ferrying hundreds of thousands of people around the world but lacked a corporate backer, but with RCI Bank and Services, we now have that.”

For more information go to www.karhoo.com