French automaker Renault has just acquired taxi metasearch app Karhoo, according to the news from Tnooz. In a deal undertaken by Renault’s wholly owned bank RCI, the business which acquired the assets of Karhoo from the administrators of the startup.
The value of the deal has not yet been disclosed, but the bank handing the deal released this statement:
“The acquisition of the start-up Karhoo appeared as a sudden opportunity that we did not want to miss and the acquisition was completed rapidly.”
Rumors have it Renault paid in the neighborhood of $16 million in cash and assurances. For those unfamiliar, Karhoo raised $52 million in capital across two rounds of investment. The ride comparison app lets you compare and book more taxis and private hire vehicles from more fleets than anyone else. The new Karhoo news comes after the administrators originally received bids from between 30 and 40 interested groups.
Renault is the latest carmaker to drive into the taxi app and car share space. Previously General Motors put $500 million into Lyft, and Toyota has a stake in Uber as well. Karhoo had about 200 employees, but according to news reports the new operation will start with only 35 people based largely in the UK.