Da Vinci Capital, a leading private equity fund in emerging markets, created with the participation of RVC capital, and the management team of Inventure Partners invested in Gett, a global transport network and leader in the corporate segment of the taxi market.
The Gett service is represented in more than 120 cities around the world and in 2018, it expects to implement services worth more than $1 billion. Half of the company's turnover will account for in London and New York. New York is the fastest growing market for Gett; the company operates under the Juno brand. Over 45,000 drivers, more than half the total number of taxi drivers in New York, have already joined Juno.
The Gett solution for corporate clients, known as Gett for Business, provides companies with the opportunity to receive taxi services and track travel expenses worldwide from a single platform. More than 17,500 companies use Gett for Business to order taxis in more than 1,000 cities in 56 countries.
The Gett business shows a positive gross margin in all markets of presence, and by the first quarter of 2019, it is planned that the company will become profitable at the operational level.
The transaction consists of the repurchase of Gett shares from a fund managed by Inventure Partners, and subsequent participation in a financing round closed in June 2018, as a result of which the company raised $90 million from current shareholders, including Volkswagen, Access Industries and Baring Vostok. The closing of the transaction on the acquisition of shares from existing shareholders is scheduled for mid-November 2018.