NopeaRide announces exit from the Kenyan market after financier declares insolvency

NopeaRide has started the process of winding up its operations in Kenya after its financier, EkoRent Oy announced it was insolvent.

EkoRent Oy, based in Finland, is the majority shareholder of EkoRent Africa, while InfraCo Africa is the minority shareholder.

InfraCo filed for liquidation in Kenya, with the hearing set for December 13 at the High Court.

NopeaRide taxis Pulse Live Kenya

"Following the announcement that our majority shareholder, EkoRent Oy, has declared insolvency in Finland, we are sad to announce that InfraCo Africa Limited the minority shareholder has now filed for the liquidation of EkoRent Africa Limited in the High Court of Kenya," NopeaRide announced.

A statement from the transport brand said its fleet of electric vehicle taxis was taken off the road as the company follows the laid-out procedures to exit the Kenyan market.

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“We have taken our fleet of electric vehicles off the road and have notified our staff and corporate clients. We are now working with relevant authorities to ensure that our operations are wound up in accordance with local legislation,” the statement read.

NopeaRide was launched in 2018, and within 5 years, the company imported 70 electric vehicles to Kenya.