Entering the market
Transport company Gett, which wants to become one of the world's leading providers of "mobility solutions", is currently exploring a merger with a company with no particular purpose other than to help other companies with an IPO (with a SPAC company).
The company has not yet made a final decision on whether it will debut on the stock exchange via a merger deal with a SPAC company or via an initial public offering.
Gett, which has been operating in the mobility market since 2010, has positioned itself as a "software-as-a-service enterprise focused exclusively on ground transportation management". Initially conceived as a competitor to Uber and other consumer-oriented services, Gett has evolved into a highly specialised, corporate taxi service provider in hundreds of cities around the world. It claims customers typically save between 25% and 45% as it manages their corporate ground travel budgets profitably. The London-headquartered company's clients include Amazon (NASDAQ:AMZN), Apple (NASDAQ:AAPL), EY and General Motors (NYSE:GM).
To date, Gett has raised over $850 million in funding, including over $300 million from Volkswagen AG (DE:VOWG). Its most recent round of funding came most recently in January, when it received $115 million.
The urban mobility IPO boom does not end with Gett alone: for example, other ride-hailing services are exploring similar ways to go public, including Grab Holdings, which operates in Southeast Asia, and even Britain's Cazoo, an online used-car marketplace that plans to go public in New York.