Swedish investment fund Vostok New Ventures, which holds a 4% stake in Gett, has cut its valuation of the Israeli taxi-hailing app company by 6%.
When issuing its first quarter financial report, Stockholm-based Vostok valued Gett at $1.55 billion. But now in its second quarter financial report, Gett's valuation has been lowered to $1.4 billion. Vostok's hand was forced by Gett's $80 million financing round in June, which valued the company at $1.4 billion.
Gett is the leading ride-hailing app in Israel and also operates in Moscow, New York, London and throughout the UK. Vostok said that despite the slight downward adjustment in valuation this particular quarter, it remained positive on progress and performance.
Vostok added that Gett has annual revenue of about $1 billion from 100 million rides. The Swedish investment fund added that it expects Gett to become profitable in the first quarter of 2019.
Published by Globes [online], Israel business news - www.globes-online.com - on August 16, 2018
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