Kyte rental car startup shuts down after loan defaults and funding struggles, leaving customers waiting for refunds.
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Kyte Rental Car Startup Shutdown: What Went Wrong Kyte Rental Car Startup Shuts Down After Struggling to Survive The collapse of Kyte has raised many questions about the challenges rental car startups face in today’s competitive mobility market. Kyte, once branded as the “best competitor to Hertz,” officially shut down after financial struggles, loan defaults, and difficulties securing new funding. Customers who prepaid for bookings are now left uncertain about refunds, highlighting the risks that come with relying on emerging car rental services. This blog explores why Kyte shut down, what it means for its customers, and the lessons the rental car industry can learn from its downfall. Image Credits:Kyte Why Kyte Rental Car Startup Shut Down Kyte’s business model initially attracted attention by offering on-demand rental cars delivered directly to customers’ homes, eliminating the need to visit a rental office. Founded in 2019, the company expanded into multiple U.S. cities and raised more than $300 million in financing. However, behind …