GetTaxi's financing round comes exactly two months after the massive $1.2 billion raised by its rival Uber at a company value of $18.2 billion.
GetTaxi founder and CEO Shahar Waiser has spoken today about the profitability of his company. He said, “While most other companies in our space are losing money, GetTaxi is already profitable in 22 of 24 cities it operates and will become profitable at the group level in Q1 2015.”
Most of the 24 cities in which GetTaxi operates are in Israel.
The company's business model has allowed it to generate higher revenue than most of its rivals such as Lyft (US), Hailo (UK), and MyTaxi (Germany).
Vostok Nafta Investment said it had invested $25 million in GetTaxi's latest financing round and stressed it is impressed with the Tel Aviv-based company's B2B model with huge potential in the corporate sector. “Although competition is ripe everywhere, we think a conservative scenario is that GetTaxi becomes the leading player in Russia and Israel. That would give GetTaxi a potential valuation of more than $2 billion in “a couple of years," Vostok Nafta said.
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