VW-backed ride-hailing app Gett seeks buyers to compete with bigger rivals

VW-backed ride-hailing app Gett seeks buyers to compete with bigger rivals

A Volkswagen logo is pictured at Volkswagen's headquarters in Wolfsburg, Germany, April 22, 2016. REUTERS/Hannibal Hanschke

Gett Inc., the ride-hailing app valued at more than $1 billion and backed by Volkswagen AG, is looking for buyers in a bid to compete with larger rivals, people familiar with the matter said.

The Israeli tech company has approached potential bidders including other car-hire firms, the people said, asking not to be identified because the discussions were private. Gett may sell its entire business or offload regional operations outside of its home market, said two of the people. The company may also weigh a listing, partnership or sale of a minority stake to raise capital, another person said.

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