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Uber Rival Gett Receives $100 Million From Russia’s Biggest Bank

  • Sberbank provides 7-year loan, obtains option for Gett shares
  • Israel’s Gett boosting presence to almost 60 Russian cities

Gett Inc., an online taxi service that competes with Uber Technologies Inc., attracted $100 million venture loan from Russia’s largest lender, Sberbank PJSC, to fund growth in the country and beyond, according to a statement today.

Sberbank said the 7-year loan gives it an option for an undisclosed number of Gett shares. Other terms weren’t provided. Gett, a Tel Aviv-based taxi-ordering application, has a strong foothold in Israel and the U.K., as well as Russia, and is seeking further expansion. Gett raised $300 million from German carmaker Volkswagen AG earlier this year.