Ugandan bike-hailing startup, SafeBoda is exiting the Nigerian market to concentrate on “bringing the corporate to profitability by deepening its core transportation providing” in Uganda, its largest market.
The announcement is coming barely three months after the corporate expanded its service from bike-hailing to incorporate car-hailing.
That is the second time the startup shall be pulling out of a rustic because it was based in 2017. In 2020, SafeBoda left the Kenyan market after working in Nairobi for 2 years. The corporate stated it exited Kenya because of the destructive results of COVID-19 on its enterprise.
Whereas in Nigeria, SafeBoda ran a powerful operation within the southwestern metropolis of Ibadan, the place it began operations in March 2020. Earlier this 12 months, the bike-hailing firm celebrated crossing 4 million rides, and 50,000 deliveries with over 10,000 riders and 100,000 passengers.
The corporate says it’s now leaving Nigeria as a result of the ‘okada’ business (a neighborhood time period for bike taxis) “in its present state isn’t economically viable and sadly requires important funding at this difficult time within the world financial panorama.”
