Israel’s Gett Said Looking For Buyer In Effort To Compete With Ride-Sharing Rivals
Israel’s Gett, formerly known as GetTaxi, is reportedly on the hunt for a buyer in a bid to step up competition against bigger rivals like Uber and Lyft.
Bloomberg reported late last week that the company, founded by Dave (Shahar) Waiser and Roi More in 2010, has already approached potential buyers and is weighing several options including selling the entire business, just some operations, going for an IPO, or selling off a minority stake to raise capital. This is according to people “familiar with the matter.”
This summer, Gett raised $80 million in a fresh funding round led by German car giant Volkswagen bringing the company’s value up to $1.4 billion. But it has struggled to maintain growth, according to the report.
A Gett spokesperson told Bloomberg: “As Gett is on a clear path towards profitability globally, including the US,” in the first half of 2019 “it should not be surprising that Gett may receive inbound inquiries from strategic partners.”
According to the report, Gett is also weighing an exit from the North American market just over a year after it acquired ridesharing app Juno for approximately $200 million.