Ride-hailing app Cabify shutters Ecuador operations
(Reuters) - Ride-hailing application Cabify will end its operations in Ecuador in mid-March after a "constant process of analysis" on the market, the company said on Wednesday.
Cabify, which has operations in a handful of other Latin American countries and Spain, said in a statement that the decision would cut its services in the cities of Quito and Guayaquil and that a dozen employees would be affected.
Late last year, the company, which says it has more than 42 million registered users, said it would invest $300 million through 2024 to expand its presence in Latin America.
It did not specify how many users or drivers were affected by the closure in Ecuador.
Cabify, which is headquartered in Spain and a considered a "unicorn," a start-up with a valuation above 1 billion euros, is planning to go public soon.
(Reporting by Valentine Hilaire; Writing by Kylie Madry; Editing by Brendan O'Boyle and Anthony Esposito)
