Uber rival Gett said to seek $700 million for expansionhttps://indianexpress.com/article/technology/tech-news-technology/uber-rival-gett-said-to-seek-700-million-for-expansion-4631622/

Uber rival Gett said to seek $700 million for expansion

The ruckus at Uber Technologies Inc. is leading rival ride-hailing services to take advantage.

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The new funding efforts coincide with Gett’s acquisition of the New York-based ride-hailing service Juno for 0 million. (Source: Google Play)

The ruckus at Uber Technologies Inc. is leading rival ride-hailing services to take advantage.

Gett Inc., a Volkswagen AG-backed app used for ordering taxis, is looking to raise up to $700 million to fuel expansion, according to people familiar with the plans. The Tel Aviv-based company has hired Wells Fargo & Co. and Credit Suisse to help bring in new funds, said the people, who asked not to be identified because the plans aren’t public.

Also Read: Uber self-driving car executive steps aside during Google lawsuit

Gett is targeting a valuation of as much as $2 billion, depending on the final level of investment, said one of the people. Last year the app also targeted a valuation of $2 billion before receiving $300 million from Volkswagen in May. However, one investor said in June Gett had yet to break the $1 billion mark. Gett, Credit Suisse and Wells Fargo declined to comment.

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The new funding efforts coincide with Gett’s acquisition Wednesday of the New York-based ride-hailing service Juno for $200 million. Gett operates in around 100 cities globally, including New York, London and Moscow. Other investors include billionaire Len Blavatnik’s Access Industries and Swedish fund manager Vostok Nafta Investment Ltd.

Also Read: Uber’s next big leap: Flying taxis in Dallas and Dubai by 2020

Rivals of Uber have been trying to fill their coffers as the San Francisco-based startup grapples with executive exits, claims of sexual harassment, a hostile work environment and a lawsuit against its self-driving car technology.  Lyft Inc. raised $600 million in April, while China’s Didi Chuxing is near an agreement to raise at least $5 billion.