GetGo to boost electrifying its Singapore fleet with new investment
GetGo, which has become the largest carsharing platform in Singapore in just two years following its establishment in 2021, now announced a new investment to hasten its electrification plans.
GetGo operates over 2,100 vehicles across 1,400 locations in Singapore, and around 100 are currently electric. Now, a 20$ million investment from a family-owned investment group, Treïs, is to boost the electrification of the GetGo fleet.
The funding will solidify the 2030 full-electric ambitions of GetGo, which plans to increase its fleet's electric vehicle (EV) ratio up to 15% by the end of the year from the current 4%. During the electrification process, GetGo also plans to expand its team by half and eventually serve 1 million customers by 2030. Thus, GetGo wants to weaken the need for car ownership and solidify the car ownership trend in Singapore.
GetGo's 2030 goal is aligned with Singapore's Green Plan 2030. The startup defines its mission as providing customers to drive the vehicle of their choice while supporting a sustainable and efficient carsharing business to support the green vision of Singapore. The high cost of ownership in Singapore is helping the startup to grow its business, which reached over 250,000 subscribers and has over 150,000 bookings each month, according to Vulcanpost.