Ridesharing

Uber Competitor To Expand With Possible Juno Acquisition

The ridesharing arena is an industry within the sharing economy that’s not likely to go away anytime soon.

With Uber’s various troubles over the past year, its competitors are coming out of the woodworks to seize the opportunity to expand and potentially take over the ridesharing pioneer’s turf.

The rumor floating around is that Volkswagen-backed taxi-hailing service Gett is looking to expand and that it may be set to acquire Juno for a cool $250 million.

While this news has not been confirmed as of yet, many are speculating as to the reasons behind this deal. While it may be a bit tough for companies to catch up with Uber’s $60 billion valuation, many are vying for the number two spot, and this merger could help Gett get on more even footing with Lyft.

Following Lyft’s $600 million funding round this month valuing the company at $7.5 billion, investing in the ridesharing arena is tight. With this possible deal, the chances for additional funding for Gett may be more likely.

Since it looks as though catching up to Uber will prove quite difficult, the issue that comes to the surface is how much this deal may impact its revenue for the 2017 fiscal year.

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