Kyte Layoffs
October 2024
Kyte announced a layoff affecting 0 employees (40% of its workforce) in October 2024. The company operates in the Transportation sector.
0
40%
Oct 25, 2024
About
In October 2024, rental car startup Kyte underwent a major restructuring to ensure its survival, cutting its workforce by 40% to 50% and drastically scaling back operations. The company, which had rapidly expanded to over a dozen U.S. markets, is now retreating to focus solely on its two strongest markets: San Francisco and New York City. This decision came after the company explored a sale and faced challenges with unit economics and generating free cash flow in a capital-constrained environment. The layoffs heavily impacted engineering, consumer, and growth teams as Kyte aims to reach profitability within the next 18 months.
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