GetGo profitable for second straight year, revenue surges by over 300%

GetGo co-founders Johnson Lim (left) and Toh Ting Feng / Photo credit: GetGo

Miguel Cordon also contributed to this report.

GetGo, a Singapore-based car rental and car-sharing platform, has posted US$34.1 million in revenue for FY 2022, a 300% increase from the previous year.

Net profits rose slightly to US$94,900 despite rising expenses, according to the company’s audited financial statements obtained from VentureCap Insights, which tracks regulatory filings in the city-state.

Founded in 2020, GetGo allows users to rent cars for up to five days at a time. Its pricing considers time and distance, covering fuel, maintenance, and insurance, without any deposit or membership fees.

According to the financial statement, the firm gets all of its revenue from its leasing business. The startup currently operates around 2,700 vehicles across more than 1,600 locations in Singapore. It records nearly 200,000 bookings each month.

“There are over a million families in Singapore that don’t own cars,” GetGo CEO and co-founder Toh Ting Feng told Tech in Asia. “We see car-sharing as complementing public transportation and ride-hailing, and it’s very well suited for a good amount of use cases, particularly for families and for long-distance trips.”

Toh added that the company does not heavily subsidize or promote its services, preferring to grow organically. Its marketing and advertising expenses reached almost US$950,000 in FY 2022, less than 3% of the revenue. Administrative expenses increased about 4x in the year, driven primarily by employee benefits.

GetGo remained operational cash flow positive in FY 2022, with net cash from operating activities up 16.6% to US$1.5 million.

The company had US$2.6 million in cash and cash equivalents at the end of 2022. In February 2023, the startup raised around US$14.9 million from Treis, a family-backed investment group.

Currently, electric vehicles account for about 10% of GetGo’s fleet, according to Toh. In August, GetGo integrated three charging point services – CDG Engie, Charge+, and ChargEco – into its app. This allows its EVs to charge across over 300 stations in Singapore, Toh said.

The company currently has no new fundraising plans or immediate plans to expand outside Singapore.

See also: How this ride-hailing firm holds its ground against Grab, Gojek in Indonesia

Currency converted from Singapore dollar to US dollar: US$1 = S$1.36.