Ride-hailing giant Gett chases $60m raise ahead of stock market debut
Gett, the ride-hailing company part-owned by car giant Volkswagen, is close to raising a $60m (£47m) funding injection as it gears up to go public.
The Uber rival is finalising the round which would be its first external fundraise since it secured $200m from investors last year.
Sources told Sky News that the new funding would be structured as a loan which would convert into equity in Gett when the company completes a stock market listing.
It had previously planned to list by the first quarter of this year, having first said it intended to go public in 2019. Gett is now understood to be targeting a listing in 2021.
The listing would follow in the footsteps of ride-hailing behemoths Uber and Lyft, both of which listed on Wall Street last year to a mixed reception from investors.
Gett is set to target the business-to-business market in order to distinguish itself from others in the sector, which largely focus on providing rides to consumers.
Other prominent Gett shareholders include Len Blavatnik, the billionaire owner of Warner Music which priced its initial public offering last week to raise $1.9bn.
A Gett spokesperson declined to comment.