Baring Vostok, Russia's largest private equity fund, last week signed a Memorandum of Understanding (MOU) to invest up to $75 million in taxi hailing app company GetTaxi, sources inform "Globes."
News about this MOU comes two weeks after GetTaxi reported that it had raised $150 million from foreign investors. The Israeli company only disclosed the name of one of the investors, the Swedish fund Vostok Nafta Investment, which invested $25 million in the financing round.
The investment by Baring Vostok, if it is realized, thus comprises half of the latest financing round and will be made in the form of loans, some of which may be converted to equity at a non-fixed company value (according to milestones) starting at $400 million.
Since being founded in 2010 and prior to the current financing round, GetTaxi had raised $57 million from investors including the Kreos Capital loan fund and Len Blavatnik's Access Industries, which is expected to participate in the latest financing round.
GetTaxi operates in 24 cities worldwide including New York, London, St. Petersburg and throughout Israel. The taxi hailing app company's CEO and founder Shahar Waiser recently disclosed that GetTaxi expects revenue of $100 million this year rising to $500 million in 2015.
Published by Globes [online], Israel business news - www.globes-online.com - on August 25, 2014
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