Gett Delivery
Gett, an Israeli based international taxi services company, is reportable now a profitable company. Swedish investment fund VNV Global Gett’s “financial restructuring has been complete,” and it is “growing 30% year-on-year in Israel.” The company is said to be debt free and EBITDA positive, but with a valuation of just $258 million. VNV owns a 48.8% stake in Gett.
This is good news for a company that last year was forced to scrap plans for an IPO. Gett was just one of many Israeli firms in 2022 to suffer from the global financial crisis. But the $258 million valuation is less than the $265 million estimate from last May and way down from the $1 billion valuation that Gett once hoped to get from its IPO.
In May of 2022, Gett was forced to call off its planned SPAC merger with Nasdaq-traded special purpose acquisition company Rosecliff Acquisition citing the fact that international sanctions imposed on Russia after its invasion of Ukraine included several Russian funds who were among the company’s planned investors.
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Gett declares that it brings the “fragmented” world of ride-hailing companies and corporate fleets together on one platform, “optimizing our clients’ corporate ground travel needs, from booking and riding to invoicing and analytics, saving corporates both time and money while increasing employee satisfaction.”
Gett is a Ground Transportation Management (GTM) platform and B2B marketplace. The company says that spending in this field is estimated to exceed $100 billion globally. The company serves more than a quarter of the Fortune 500 companies. Its platform organizes corporate fleet, ride-hailing, taxi, and limo providers in one place.
In January of 2021, Gett completed a $115 million raise, adding $15 million to the $100 million that the company brought in back in June of 2020. At the time Gett said that it would use the proceeds to further accelerate the development of its SaaS platform and the company’s global expansion.
