A family-backed investment company called Treis has contributed S$20 million (US $14.9 million) to GetGo Carsharing, a car rental company with headquarters in Singapore.
GetGo, which debuted in 2021, claimed to run more than 2,100 vehicles over 1,400 stations at the moment. Each month, it records more than 150,000 reservations.
Users may reserve an automobile through the startup for up to five days or even an hour. The price of using GetGo is dependent on time and distance and includes the cost of fuel, upkeep, and insurance. There are no subscription or deposit fees and rates begin at US $2.2.
“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.”
In Singapore, where the general public has expressed worries about the growing expense of public transportation and where satisfaction with some ride-hailing services has declined, GetGo’s business model stands apart.
With a long-term objective of 10,000 cars by 2030, the new investment will be utilized to increase GetGo’s electric fleet.
