GetTaxi, the Israeli mobile app for ordering cabs, claims worldwide annual revenues of more than $100 million, according to a Facebook entry by its founder and CEO, Shahar Waiser, posted Monday.
Waiser boasted that his closely held company is growing at an annual rate of more than 400%, the same pace as its bigger global rival, San Francisco-based Uber. He predicted that his company would have half a billion dollars in revenue next year.
The Facebook post came in response to a $1.2 billion funding round this week by Uber, which valued the company at $18.2 billion and made it the most valuable startup in history. In GetTaxi’s most recent fundraising round, last August, it raised $12 million, valuing the company at less than $300 million, according to VentureWire, a news service covering startup companies.
In his Facebook comments, Waiser called Uber’s funding success “great news for the industry in general and for GetTaxi in particular.” For the first time, he said, people are starting to understand how big the taxi-hailing business is.
GetTaxi derives its revenues from an 8% commission it charges cab drivers affiliated with it and collects fees from businesses that use the company as a car service. It has 1,500 business clients, half of which are Fortune 500 companies. Waiser said GetTaxi is profitable in 22 of the 24 cities around the world in which it operates and said it would be profitable across the board this year. “None of the competitors are even expected to be profitable anytime soon,” Waiser wrote on Facebook.
Uber has a somewhat different business model in that its focus is on ridesharing, in which it matches drivers and passengers as well as cars for hire. Uber has plans to enter the Tel Aviv market, a city that Uber spokesman Corry Evans noted was dynamic and young with visitors from all over the world. He said it was precisely the kind of city that Uber was seeking out.
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