Gett, previously known as GetTaxi, is a global ride-hailing service provider that originated in Israel and later expanded its business across Europe and beyond. Unlike its competitors, Gett business model mainly focuses on B2B services, offering corporate clients with a seamless transportation solution.
We all know that booking a cab was once a matter of effort, time, and cost. However, today, the ride-hailing business is significantly changing the transportation landscape with its transformative attributes. Now, you don’t need to wait longer on the roadside or wave your hand; simply take out your smartphone, open an app, and get a taxi at your doorstep within a few seconds.
Now let’s gain a deep insight into the revolutionary on-demand transportation services by evaluating Gett in depth. From exploring how Gett works to understanding its additional revenue sources, you will find all the essential details related to Gett by the end of this comprehensive blog.
Gett Success Timeline: Deep Dive Into Its Business Expansion & Explore Its Facts
Founders: Dave Waiser & Roi More
Headquarters: London, UK
Established: 1st November, 2010
Industry: Transportation, SaaS, Corporate Travel Management
Valuation: $175 Million in 2024
The journey of Gett began as GetTaxi in 2010, founded by Israeli entrepreneurs Shahar Waiser and Roi More. With a focus on managing ground transportation for businesses, Gett’s mission is to streamline and optimize the transportation process for companies worldwide.
Initially, the business began as a B2B ground transportation management platform and a B2C ride-hailing app based in London. Their operations started in Tel Aviv and London, later expanding to Moscow and New York City.
In 2016, German auto giant Volkswagen made a strategic partnership with Gett by investing $300M. This partnership allows Volkswagen to provide Gett’s services to business customers, while Gett drivers benefit by buying discounted VW cars to use as taxis.
Later in 2021, the firm expanded its operations in Russia and the U.S. market. Today, Gett operates in several cities in the UK and Israel. The company’s long-term vision is to become the universal solution for corporate ground transportation.
In 2024, Pango, a smart mobility platform known for its parking payment solution, acquired Gett for $175M. Although with this announcement, they haven’t mentioned their purpose, but it promises long-term strategic growth.
Prominent Contribution of Gett Towards Emission-Free Travel
The global EV market is expected to grow to US$990.4B by 2029. The environmentally friendly customer segment is consciously choosing electric vehicles over regular ones.
On the other hand, providing electric vehicle options has become lucrative for businesses. It aligns with the growing demand for sustainable transportation and offers cost savings in the long run.
As a result, many are exploring the opportunity to initiate their EV taxi-booking business. In 2018, Gett collaborated with EcoAct to offset the carbon emissions generated by all its UK rides annually.
EcoAct, a global sustainability company and project developer, focuses on providing solutions to help businesses meet their eco-friendly goals. In 2021, Gett took a significant step toward environmental responsibility by partnering with Trees for Cities to plant trees in urban areas.
Thank you to the team from @Gett_UK who mulched over a hundred of whips at Redbridge Rec!
This will allow the whips to have the best chance at surviving the summer and developing into a lovely woodland. đź’š They even cleared out the last of the mulch which completed the project! pic.twitter.com/hxicPVyqrr
— Trees for Cities (@TreesforCities) July 10, 2023
For every ride taken in the UK, Gett donates 2p (pence in the UK)—without any additional cost to customers!
Looking to Enhance Your Ride-Hailing Business Profitability? Let Our Professionals Help You Design a Winning App Like Gett Today!
Discover How Gett Works
The workflow of Gett is easy. All you need to do is perform a few steps, and you are done.
Step 1: Riders can request a cab from a dedicated app or website.
Step 2: Nearby drivers get notified with riding details (name, location, etc.)
Step 3: Customers make payment by selecting their preferred option.
Step 4: Once a driver accepts the request, the customer can track the driver’s live location.
Step 5: Lastly, after the trip is completed, the customer and driver can rate each other based on their experience.
Understand the Gett Business Model
Gett business model is simple yet impactful, connecting customers with drivers who are willing to offer ride services at their convenience.
Key Partners
- Customers: Business professionals, corporate clients, and individual commuters seeking reliable taxi services.
- Drivers: Licensed taxi drivers looking for consistent ride demand and fair commissions.
- Investors: Individuals who invest money in business, technology, and market expansion.
Value Proposition
Gett offers an excellent facility for two of its important segments: customers and drivers.
Value Proposition for Customers
- User-Friendly App: Customers can book nearby taxis anytime and avail themselves of special discounts on several occasions on their rides.
- Customer-Centric Features: The app comes with powerful features such as ETA, multiple payment options, social login, and split fare.
- Affordable Prices: The prices of Gett are usually lower than the ordinary taxi fares.
Value Proposition for Drivers
- No Joining Fees: There is no joining fee for drivers.
- Flexible Working Hours: Drivers can work at their preferred time.
- Quick Support: Drivers can seek quick support in case they face any issues.
Explore the Gett Revenue Streams
Deciding on optimum revenue streams helps businesses achieve financial stability and determine long-term growth. Let’s explore various Gett revenue streams below.
Ride-Hailing Fees
At the core of Gett’s business model is the ride-hailing fee, which will be charged based on each completed trip. This fee might include a base fare, time/distance charges, and a service fee.
Gett earns a percentage of the fare, either as a flat commission or a variable share, depending on the city and partnership.
Ride Cancellation Fees
When a rider cancels a trip after a certain grace period or makes a delay in connecting with a driver, then Gett imposes cancellation fees.
While the amount may remain minimal, these fees serve a dual purpose: deterring last-minute cancellations and contributing marginally to overall revenue.
Endorsement Revenue
Gett allows businesses to run promotions within their app, creating an additional revenue stream. This strategic feature enables brand partnerships, sponsored placements, and targeted offers, allowing Gett to monetize its platform beyond ride fares.
Why Invest in a Ride-Hailing App?
On-demand taxis are one of the most prominent needs of customers in today’s world. According to a recent report, the on-demand transportation market is expected to grow at a CAGR of 20.1% by the end of 2030.
This rapid growth reflects not only shifting customer preferences. But it also contributes to a steady rise in the online taxi booking market, making it one of the fastest-growing segments in urban transportation.
How Elluminati Can Help You Launch a Ride-Hailing Business?
If you are stepping into the online taxi-booking business but do not have enough information regarding its app development cost and process, then you should connect with a firm that provides you with in-depth details regarding developing an app from scratch.
At Elluminati, we offer extensive customization for your taxi booking business, allowing the platform to align with your core vision and target audience. Additionally, our platform is scalable to meet your future business requirements, such as adding new features or expanding operations to new cities or even countries.
Conclusion
On a concluding note, we have witnessed that the ride-hailing sector is experiencing remarkable growth, and Gett is one of its best examples. After understanding the Gett business model and its impressive workflow, designed to provide quick and better customer services, many entrepreneurs plan to implement it in their existing businesses.
However, a business architecture willing to transform its ride-hailing business into an online platform must consider investing in our app like Gett. Equipped with cutting-edge features that allow you to automate your business operations while generating better sales opportunities. So, connect with us, discuss your business requirements, and we won’t take a second to assist you.
