Kyte Cuts Staff and Markets to Survive in Competitive Rental Car Space

Kyte Cuts Staff and Markets to Survive in Competitive Rental Car Space
Rental car startup Kyte is reducing its operations significantly by exiting most U.S. markets and slashing its workforce by up to 50% as it aims for profitability. The company, which is now focusing on San Francisco and New York City, had previously expanded to over a dozen markets. CEO Nikolaus Volk stated that the decision was made after realizing the unsustainable unit economics in many regions. Kyte's restructuring follows a series of financial challenges, including heavy borrowing and a recent exploration of a potential sale. The company has also recently completed a new fundraising round.