SG’s GetGo Carsharing raises $14.9m to expand electric fleet

Photo credit: GetGo

GetGo Carsharing, a Singapore-based vehicle rental firm, has raised S$20 million (US$14.9 million) from Treis, a family-backed investment group.

Launched in 2021, GetGo said it currently operates over 2,100 vehicles across 1,400 locations. It registers over 150,000 bookings each month.

The startup enables users to book a car for an hour or even five days at the most. The cost of using GetGo is based on duration and distance, inclusive of fuel, maintenance, and insurance costs. Rates start from US$2.20 with no subscription or deposit fees required.

“Our mission is to enable the freedom to drive regardless of each person’s ability or desire to own a car,” Ting Feng, CEO and co-founder of GetGo, said in a statement. “By 2030, we aim to serve more than a million households in Singapore, greatly reducing the need for car ownership and realizing a significant part of Singapore’s Green Plan 2030.”

GetGo’s business model is notable in Singapore, where the general public have voiced concerns over the rising cost of public transport while satisfaction has dipped for certain ride-hailing solutions.

The fresh investment will be used to expand GetGo’s electric fleet, with a long-term goal of reaching 10,000 vehicles by 2030.

See also: Bringing electric motorbikes to Southeast Asia’s masses

Currency converted from Singapore dollar to US dollar: US$1 = S$1.33.