International Israel-based multimodal shared-mobility firm GoTo is set to debut on the Tel Aviv Stock Exchange following the merger between GoTo Global and Neratech Media.
The new company will have a market cap of $163 million, with 74% of merged stock going to GoTo Global shareholders and the other 26% going to Neratech shareholders. The new company will have cash assets totaling $30 million.
The company provides subscribers with an app that lets users pick from a variety of different means of transport ranging from mopeds, bikes and scooters to cars. This is only available in the countries where the company operates, which are currently Spain, Germany, Malta and Israel.
This itself is reflective of the growing shared-mobility market, which is rising as a number of cities in Europe have adopted measures to restrict private vehicles from entering city centers. This is done to reduce traffic congestion, which has environmental and social benefits.
The shared-mobility market is estimated to continue to grow, being worth approximately $675 billion by 2025, with Europe accounting for 20% of the global market.
Currently, GoTo has a fleet of 5,800 vehicles and over 450,000 subscribers. In 2021, the company reported three million rides and revenue of $22 million. They hope to see this rise 58% by the end of 2022, with expected revenue of $35 million.
“Transforming GoTo Global into a public company is a significant milestone in achieving our unique vision for shared mobility,” CEO Gil Laser said.
“People across the world are embracing shared mobility at a faster pace than ever before and city dwellers are becoming ever more multimodal,” he said. “GoTo is perfectly positioned to help users embrace a true multimodal mobility experience in a simple and seamless way, all via one app.
“We believe in our product, our team and our dynamic way of doing things, and look to continue creating added value for customers and shareholders alike.”