Gett moves towards profit, sees IPO in 2020
12 September 2019 - globes
Gett: In Britain and Israel, Gett is the first company in the ride hailing sector that is moving to profitability.
Israeli taxi-hailing and ridesharing app Gett now sees its IPO in 2020 rather than 2019. In March, "Globes" reported that Gett CEO Dave (Shahar) Waiser had written to employees that, "Gett was improving both its revenue and EBITDA, year after year in all markets. We are becoming profitable, improving our distinctiveness in the eyes of investors and opening up an opportunity for a potential IPO, possibly even in 2019, and the board of management has given us the green light to examine this possibility."
Subsequently, there were reports that the IPO could be on the Tel Aviv Stock Exchange (TASE) and that there had already been meetings with market activists and TASE representatives. However, "Globes" has found that markets sources are skeptical that Gett can successfully implement an IPO in the near future.
Sources told "Globes" that an IPO at this stage would fail and that anyway they see no IPO on the horizon.
Since it was founded in 2010, Gett has raised $800 million including $200 million earlier this year at a company valuation of $1.5 billion. The company operates in 120 cities worldwide.
Gett told "Globes," "As we have said in the past, Gett is dedicating 2019 to the move to profitability in all the territories in which it operates and is ready for an IPO in 2020, as planned. As of now, the transition to profitability is being carried out with great success due to the results in Britain and in Israel, where Gett is the first company in the sector that is moving to profitability."