Israeli taxi hailing app Gett is planning an IPO later this year, the company's CEO Dave Waiser has told the "Financial Times." “We will see how Lyft (IPO) goes," he said, "We believe there’s a lot of public capital waiting for the (technology) darlings [Uber and Lyft], but we also believe that our business model makes sense."
Gett does not publish financial figures, but Waiser said that the company expects to become profitable later this year, and currently books “hundreds of millions” of dollars in revenue.
Last June, Gett raised $80m from shareholders including Volkswagen, taking the total raised so far to more than $700m, and its latest valuation to $1.4b, including $300 million from Volkswagen. But since then there have been reports that Volkswagen has written off its investment in Gett and that the Israeli company is seeking to offload its New York business. The UK, Israel and Russia are other markets in which Gett is active.
Published by Globes, Israel business news - en.globes.co.il - on March 18, 2019
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