VW invests $300 million in global ride hailing provider-Gett

Volkswagen Group has long been planning to venture into the growing market segment of on-demand taxi solutions. The company had recently announced its plans to open an independent arm in order to develop its business in the field of mobility services. Now, it has made a strategic investment of US$ 300 million in Gett - a global ride hailing platform.

Formerly called Get Taxi, Gett has its original development facilities located in Israel, and is often touted as one of Europe's biggest ride hailing platforms. Having presence in more than 60 major cities across the globe including London, New York and Moscow, Gett allows users to book rides through a smartphone app. In addition to transportation, Gett covers delivery and logistics. 

Gett mobility solutions has already managed to source US$ 520 million as venture funding. It has been named in the list of 'Top 15 Explosively Growing Companies' by Forbes.

Volkswagen acknowledges the fact that on-demand ride hailing market is one of the most high-potential markets of the current time. Moreover, the manufacturer also aims to garner a significant share of sales from such evolving markets.