Gett becomes operationally profitable

Gett, “the global leader in corporate on-demand transportation,” announced that it became operationally profitable in December 2019, with the company reporting a positive consolidated all countries EBITDA of $0.3 million (before fixed central and R&D cost).

Gett launched one of the first on-demand corporate travel services back in 2010 in Israel and attracted Google and Disney as its first clients. Today more than 17,000 companies, including a third of the Fortune 500, use Gett’s ninth generation B2B technology to move their workforces across the world. Gett has grown its client portfolio at a 70% CAGR and is winning 400-500 new clients each month.

Gett’s B2B Generation 10 offers corporate clients the unique ability to aggregate all their ground travel needs on one single booking platform, hosting a collection of local and global vendors, for on-demand ride-hailing, taxi, chauffeur and limousine services across 100 countries.

The news comes after Gett announced a strategic partnership with ride-hailing firm Lyft in November 2019, allowing Gett’s corporate customers traveling in the United States to request rides through the Gett app and be matched with a driver on the Lyft network.

“With the global roll-out of our 10th generation of B2B product in 2020, we will change the way corporates travel, create a new industry standard and introduce the most advanced technology in the space. 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.” – Dave Waiser, Chief Executive Officer of Gett.

Bottom Line: Gett raised more than $800 million in venture funding, including $300 million from Volkswagen.