(MENAFN) The on-demand transportation service continues to heat up progressively, and today the spotlight is shining on a New York startup whose business is based largely in Europe.
Gett, an American cab-hailing startup with operations across some 60 cities, is receiving a whopping USD300 million investment from German automobile behemoth Volkswagen.
In particular, Europe's largest car maker intends to utilize the massive investment to spearhead its own move into ride-sharing, on-demand transportation and autonomous cars.
Gett has now risen USD520mnin funding, and other investors include Access Industries and Kreos Capital, plus it claims it is profitable in several cities, with annual revenues of USD500mn.
Basically, Volkswagen investing in the next generation of transportation is one way for the carmaker to point to the future and put some of the emissions scandal's bad news behind it.
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