DESCRIPTION:
Vite Technologies LTD (“Vite”) is a ridesharing mobile application that matches riders with driver-partners, to provide users with comfortable and convenient transportation services. The company is able to differentiate itself in the marketplace through its fair commission-based model, taking a 10% – 15% service fee on each ride, compared to the commissions of up to 25% charged by competitors operating elsewhere on the continent. The company was launched in 2017, in response to the lack of convenient and affordable ridesharing services.
Africa’s urban mobility market is estimated $10 billion annually and growing. By 2030, 89 African cities will contain more than a million inhabitants according to Mckinsey & Co. This coupled with the fact that 45 million people migrate into urban centers yearly, support the notion that African cities represent a large market opportunity for ridesharing, given that the competitive landscape is highly fragmented in certain markets.
The company believes the solution to these issues is rooted a multi-modal offering, one with a dynamic business model and a hyperlocal approach that runs counter to the ‘get in,think later’ plan employed by the few relevant existing players.
