Gett secures $100M loan from Sberbank to expand its on-demand ride service

After raising $300 million from Volkswagen earlier this year, on-demand ride service Gett is getting another tranche of financing. Today the company announces that it has secured a $100 million, seven-year loan facility from Russia’s Sberbank. Gett said that it will use this to further expand the service with the bank — one of its big corporate customers — as well more general business expansion.

“Sberbank and Gett have a long-standing partnership,” said Shahar Waiser, Gett Founder and CEO, in a statement. “Both companies have a similar vision – to change peoples’ lives through technology and innovation. For more than a year, Gett has delivered exclusive benefits to Sberbank customers and employees, a service that is already available in 57 Russian cities. This loan agreement will further strengthen our partnership, support Gett’s rapid growth, and help us achieve our ambitious goals.”

Gett — which has operations in 60 cities — trails far behind the likes of Uber in terms of global footprint, revenues and funds raised, but it is hoping to bring something new to the mix where it doesn’t have to play by Uber’s rules.

This includes its partnership with VW, the world’s biggest car maker, but also how Gett positions itself in the market, catering to business users and building a platform to bring together more established car firms and ride providers rather than a focus on the idea of ‘anyone’ becoming a driver.

Gett has raised $622 million to date including this loan. It’s been reported that Gett was looking for funding at a valuation of as much as $2 billion earlier this year.

Original Article