Gett achieves profitability, but valuation still languishing at $258 million
Gett achieves profitability, but valuation still languishing at $258 million
Swedish investment fund VNV Global, which is the largest shareholder in the company, has revealed that the transportation company is “debt free, EBITDA positive and growing”
Transportation company Gett is debt free and profitable, Swedish investment fund VNV Global, which owns 48.8% of the company, has revealed.
According to VNV, Gett’s “financial restructuring has been complete,” and it is “growing 30% year-on-year in Israel.” VNV noted that Gett is “debt free, EBITDA positive and growing,” but it is still only valuing the company at $258 million, around 90% less than it was valued in August 2021.
Gett is the leading ride hailing company in Israel with additional presence in London and other cities in the UK, where the company offers black cab taxis. The company also offers mobility software that operates globally.
During the first quarter of 2022, Gett announced it had terminated its SPAC plans due to overall market volatility, and that it would exit the Russian market. During the year, Gett underwent a financial restructuring which was completed in Q3 2022, resulting in Gett being a debt free company with VNV Global as the largest owner.
VNV Global has been invested in Gett since 2014 and is represented by Per Brilioth on the company’s board.
Gett underwent a rocky year, announcing in May 2022 that co-founder and CEO Dave Waiser was leaving. Max Krasnykh and Matteo de Renzi, who were previously COO and Managing Director of GTM and UK, respectively, replaced Waiser as co-CEOs. Gett’s global Executive Committee also includes the current CFO Aliaksei Aneichyk and current MD of Gett Israel Mark Oun, among other senior leaders in the business.
