Gett CEO Preparing Employees For IPO
In an email sent to company employees, Gett’s founder and CEO Dave (Shahar) Waiser wrote to the company’s employees that the company wants “to be ready” for an IPO offering by the end of the year
Israel-based ride-hailing company Gett Inc. is signaling it may seek to go public by the end of 2019. In an email sent to employees Tuesday and reviewed by Calcalist, Gett’s founder and CEO Dave (Shahar) Waiser said the company wants “to be ready” for an IPO offering by the end of the year.
Founded in Israel in 2010, Gett offers services in Russia, London, and New York City. It also dominates the local Israeli ride-hailing market where it first began offering its service.
In 2017, Gett acquired New York-based ride-hailing company Juno for $200 million. In July, Bloomberg reported Gett intends to sell Juno and pull out of the U.S. market due to high operational costs.
In the letter sent Tuesday, Waiser notes that most of the company's competitors show an increase in losses over the past three years, while Gett is progressing both in its revenues and in its "journey to profitability.”
In November, Bloomberg reported Gett has approached potential bidders including car-hire firms, citing people familiar with the matter.
In December, German weekly Der Spiegel reported that Volkswagen AG has cut down its investment in Gett Ito 16 million euros. The decision was a result of Gett’s inability to gain market traction in the face of rivals Uber, Didi Chuxing, and Lyft, according to the Der Spiegel report. Volkswagen invested $300 million Gett in 2016.
Russian technology company Yandex N.V., rolled out its taxi booking service Yango in Israel in early December. Yango’s app was installed by 100,000 users in Israel in the first two weeks following its local launch, Yaniv Alfi, general manager of Yango in Israel said in a message sent to Calcalist.