Billion Dollar Unicorns: Gett Driving To Profits

According to an Energias Market Research report, the global ride-sharing market is estimated to grow 16% annually over the next few years to become a $148.7 billion industry by 2024 driven by the continuing penetration of smartphones. While Uber remains the leader in the global market, there are several regional players that are giving Uber a tough run for its money within their countries. One such player is Israel-based Billion Dollar Unicorn Gett.

Gett’s Offerings

Gett was founded in 2010 by serial entrepreneur Dave Shahar Waiser and Roi More. Prior to setting up Gett, Dave had founded the Russian entity of publicly traded Comverse and social TV offering Loyalize. After selling Loyalize to publicly-traded company Function(X), Dave set up Gett. Previously known as GetTaxi, it is a ride-sharing service that operates in over 120 countries, including New York, London, Moscow, and Tel-Aviv. Gett is Europe’s largest on-demand car service company by revenues and it operates in New York under the name of Juno.

While Gett may be a ride-sharing service provider, it is still very different from the likes of Uber and Lyft. Gett links consumers to registered cabs such as the yellow taxis in New York and the black cabs in London. It claims that by connecting people with regular taxi operators, it is able to provide a higher quality of service and drivers to its riders. New York and London are its biggest markets with more than 45,000 taxi drivers, or more than half of New York’s taxi drivers, associated with it. Similarly, in London, it has a big following with more than half of the black taxi drivers working with it.

Gett has also marked its presence in the industry by tying up with organizations. Gett for Business is the global leader in the corporate on-demand transportation market. It allows companies and their riders to book rides and track expenses worldwide through a single platform. The company claims to have over 18,000 organizations as its customers including Google, VolksWagen, Dominos, and KLM, to name a few.

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Disclaimer: More investigation and analysis of Unicorn companies can be found in my latest Entrepreneur Journeys book, Billion ...

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