Volkswagen has made a USD 300 million strategic investment in Gett (formerly known as GetTaxi), a global ride hailing provider. The Group intends to generate a substantial share of future sales revenue with new business models and this new partnership which is based on a joint growth strategy to expand on-demand mobility services in Europe. The ride-hailing market represents the greatest market potential in on-demand mobility, while creating the technological platform for developing tomorrow’s mobility business models like autonomous vehicles. Besides transportation, Gett covers innovative delivery and logistics. Constantly evolving, Gett’s technology leverages big data, cutting-edge predictive algorithms, and artificial intelligence. It therefore serves as the foundation for a viable on-demand autonomous car operation for the future.
Matthias Muller, Chairman of the Board of Management, Volkswagen Aktiengesellschaft, said, “Alongside our pioneering role in the automotive business, we aim to become a world leading mobility provider by 2025. Within the framework of our future Strategy 2025, the partnership with Gett marks the first milestone for the Volkswagen Group on the road to providing integrated mobility solutions that spotlight our customers and their mobility needs.” Shahar Waiser, Gett’s founder and CEO, said, “The Volkswagen Group and Gett is a great strategic partnership. The pay-per-ride domain is growing rapidly. In that context, Gett provides VW with the technology to expand beyond car ownership to on-demand mobility for consumers and businesses.”
Gett is leading provider in Europe with services available in more than 60 cities worldwide, including London, Moscow, and NYC. Gett’s technology enables consumers to instantly book on-demand transportation, delivery and logistics. It offers the only full on-demand business mobility solution, Gett for Business, trusted by over 4,000 leading corporations worldwide. Gett has raised over $520 million in venture funding, and was selected by Forbes as one of the “Top 15 explosively growing companies”. Completion of this transaction is still subject to merger control clearance by antitrust authorities and will be announced by Mathias Muller and Shahar Waiser in a joint event next week.