Gett Inc., an internet taxi service that competes with Uber Technologies Inc., attracted $100 million enterprise mortgage from Russia’s largest lender, Sberbank PJSC, to fund progress within the nation and past, in line with a press release at present.
Sberbank stated the 7-yr mortgage provides it an choice for an undisclosed variety of Gett shares. Other phrases weren’t offered. Gett, a Tel Aviv-based taxi-ordering software, has a robust foothold in Israel and the U.Okay., in addition to Russia, and is in search of additional enlargement. Gett raised $300 million from German carmaker Volkswagen AG earlier this yr.
Gett plans to make use of Sberbank funding to broaden additional in Russia, the place it doubled its geographical attain to 57 cities this month, greater than Uber or one other competitor, Yandex.Taxi, the corporate stated by e-mail Wednesday.
“Our vision is to scale operations in Russia, expanding to new regions and adding new services such as organizing delivery for retailers and restaurants,” Gett stated in an e-mailed response to questions.
Russian billionaire Mikhail Fridman’s LetterOne invested $200 million in Uber earlier this yr, seeing potential synergies together with his wi-fi service VimpelCom Ltd. Sberbank has over 30 million Russians utilizing its on-line providers and plans to create digital cellular operator.