Kyte, a car-rental startup based in San Francisco, has shut down following a year of financial difficulties. The company, which positioned itself as a more convenient alternative to traditional car rental services, entered receivership in California and sold off its customer list to competitor Turo. Despite raising over $300 million in financing and operating in 14 US cities with a fleet of over 2,000 vehicles, Kyte struggled with sluggish business in key markets, leading to a drastic layoff, a refocused strategy, and ultimately its closure.
Kyte shut down after financial strain and contraction, ceasing operations after laying off staff and focusing on only two core markets last fall.
Despite raising over $300 million in financing and expanding to 14 cities in the US, Kyte faced sluggish business in multiple markets.
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