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Volkswagen Funds $300 Million on Car-Hailing Startup Gett

Congratulations Gett for receiving fundings from this German giant!

Which giant wouldn’t like to invest in on-demand taxi services? Volkswagen is no different. Being on-demand taxi services lucrative and the most trending business globally, Volkswagen pours $300 million in Gett’s pocket. Gett is a Tel Aviv-based startup providing real-time taxi services via a dedicated smartphone app. Currently, its services are available in 60 cities in Israel, Russia, US and UK. The startup and Volkswagen have already signed a strategic partnership agreement.  With this, Gett looks forward to expand in other parts of Europe. Moreover, Volkswagen also gets an avenue to step in the on-demand car-hailing market.

The deal is followed by General Motors Co.’s $500 million investment in Lyft Inc. GM and Lyft have plans to start testing self-driving electric taxis within a year. On the other hand, Ford and Volvo have collaborated with Uber and Lyft. Hence, Uber and Lyft are direct competitors to Gett. Under the deal, the Gett drivers would avail better terms for Volkwagen cars.

Gett has contracts with around 4,000 corporations for on-demand car service. Its development facilities are based in Isreal.

By 2025, the German conglomerate plans to  be listed in world’s top mobility providers.

Takeaways:

  • The startup and Volkswagen have already signed a strategic partnership agreement.
  • With this, Gett looks forward to expand in other parts of Europe.
  • Moreover, Volkswagen also gets an avenue to step in the on-demand car-hailing market.
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