Operating in 57 countries worldwide, Gett is attempting to compete on a broader scale with Uber and Lyft by raising as much as $400 million, almost twice as much as it's raised since launching in 2011.
Gett Inc., a taxi-ordering application that competes with Uber Technologies Inc., is seeking to raise $300 million to $400 million in a private-funding round, according to people familiar to the matter.
The company has hired Wells Fargo & Co. to find investors for the round, which could value the startup at as much as $2 billion, said the people who asked not to be identified because the plans aren’t public. Gett’s plans for the financing aren’t final, they said.
Representatives for Gett and Wells Fargo declined to comment.
Gett is seeking to join the roster of similar services raising cash to keep pace with Uber, the world’s most valuable startup. Didi Kuaidi is seeking $1 billion to value the Chinese ride-hailing company at more than $20 billion, a person with knowledge of the matter said this month. Lyft Inc. recently closed a $1 billion round of financing, pegging its worth at $5.5 billion.
Gett, based in Tel Aviv, has offered rides for as low as $1 and expanded its services to include deliveries of goods. Gett’s corporate user base has grown to more than 2,500 businesses, up from about 1,500 since the company last raised $150 million in 2014.
Founded in 2010, Gett operates in 57 cities including New York, London, Moscow and Tel Aviv and has raised a total of $207 million, according to its website. Investors include billionaire Len Blavatnik’s Access Industries and Swedish fund manager Vostok Nafta Investment Ltd.
To contact the reporters on this story: Yaacov Benmeleh in Tel Aviv at firstname.lastname@example.org; Adam Satariano in San Francisco at email@example.com. To contact the editors responsible for this story: Dale Crofts at firstname.lastname@example.org; Elizabeth Fournier at email@example.com Amy Thomson, Vernon Wessels, Ross Larsen
This article was written by Yaacov Benmeleh and Adam Satariano from Bloomberg and was legally licensed through the NewsCred publisher network.
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Photo Credit: Promotional photo of Gett rider. Gett
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