A consortium of six financial institutions has agreed to acquire Gett, an Israel-based taxi and delivery app, for US$190 million.

Each investor will put in about US$31.7 million for a 16.6% stake, with the group assembled by Leumi Partners, the investment arm of Bank Leumi.

Other participants include Mizrahi Tefahot Invest, Klirmark Capital Group, the Lieberman family from Australia, Phoenix, and Meitav.

The buyers are purchasing Gett without conducting new due diligence, instead relying on a previous review by Pango, which was blocked by regulators from acquiring Gett last year.

Gett is said to have US$70 million in cash reserves.

The company is expected to post an operating profit in 2025, with EBITDA estimates of US$18 million in 2025 and US$20 million in 2026.

Gett’s largest shareholder is Swedish investment firm VNV Global, holding 43%.

Previous investors, including Volkswagen, have written off their investments in the company.

🔗 Source: Calcalist

🧠 Food for thought

1️⃣ Mobility startups face massive valuation corrections despite market growth

Gett’s $190 million sale price represents a stark 79% discount from the $900 million it raised over its lifetime, with major investors like Volkswagen writing off their entire $300 million investment from 2016.

This valuation destruction occurs even as the global taxi app market projects strong growth, with industry analysts forecasting the sector will reach $468.4 billion by 2033 at a 7% annual growth rate1.

The disconnect highlights how individual company execution and profitability matter more than broad market trends for investor returns.

Gett’s turnaround to profitability—with projected EBITDA of $18 million in 2025—came only after management “accepted that they were not a technology company,” suggesting many mobility startups initially pursued unsustainable growth-at-all-costs strategies rather than focusing on unit economics.

2️⃣ Regulatory scrutiny reshapes consolidation strategies in competitive markets