GetGo back to profit after easing on the gas in 2024

If 2023 was the year of aggressive fleet expansion for Singapore-based GetGo, 2024 was about hitting the breaks.

After growing its fleet to 3,000 vehicles in 2023, the car-sharing firm focused on getting more users last year, Ting Feng Toh, co-founder and CEO of GetGo, tells Tech in Asia.

GetGo co-founder Ting Feng Toh / Photo credit: GetGo

Beyond expanding its fleet size, the firm also upped its staff count and inked new partnerships in 2023. This increased its burn rate, causing the company to move into the red that year.

Things turned around in 2024, when the business reported a positive profit before tax of about S$600,000 (roughly US$470,000), according to its audited financial statement. Its revenue also jumped roughly 14% year on year.

The decrease in investments was reflected in its cash flow statements: Net cash used in investing activities – which includes additions to its fleet – for 2024 decreased by half to US$5.7 million.

Back to black

While administrative and finance expenses rose in 2024, revenue gains were significant enough to drive the company back to net profit.

GetGo also turned cash flow positive for the year, while its cash and cash equivalents at the end of 2024 remained relatively level compared to 2023.

Now, Toh says the company needs to be “disciplined” and not chase certain metrics – like revenue and profit – “for certain metrics’ sake.”

Founded in 2020, GetGo’s platform allows its users to book a car using a mobile app. It’s only available in Singapore so far.

These units, which include both internal combustion engine and electric vehicles, are available for rent at its roughly 1,700 locations across the city-state.

Toh says GetGo’s return to black was a result of it increasing the quality of its services and introducing new features.

For example, it launched a new vehicle category last year called GetGo Select. Cars offered under this category come without GetGo branding on their doors but cost more.

Right now, about 10% of its vehicles are Select cars, Toh shares.

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