Gett Taxi Service Announces Operating Profit in All Markets for the First time
In December 2019, Gett taxi service reached operating profit figures in all countries where it operates. Consolidated EBITDA was $300,000.
“Becoming profitable in our operations globally bears testament to the strength of our business model and reinforces our position as the leading corporate transportation service," said Dave Waiser, Gett CEO.
In May 2019, Gett CEO Dave Weiser said the company expects to generate operating profit by the end of the year.
Weiser launched Gett in 2010. The taxi service operates in Russia, Israel, the UK and the USA. Gett specializes in transportation of corporate clients, they account for 80% of the company's revenue, the company said.
By December 2018, Gett's loss in all countries where it operates was US$3.5 million. In May 2019, the company raised US$120 million at an estimate of US$1.5 billion. Weiser said that this round will be the last before the stock exchange - the service has planned an IPO for the first quarter of 2020.