Overview
GetGo Carsharing is Singapore's largest car-sharing service, offering a seamless car rental experience with no deposit or membership fees. Founded in 2021, GetGo has quickly positioned itself as the leader in the industry in Singapore, managing a fleet of over 3,000 vehicles across more than 1,600 locations isle-wide.
Leadership and Key People
The company is led by Toh Ting Feng as Co-Founder and CEO, and Johnson Lim as Co-Founder and Chief Marketing Officer (CMO). They are driving the integration of technology with sustainable transportation solutions.
Services
GetGo provides a straightforward rental service catering to licensed Singapore residents, primarily through its mobile application available on Android and iOS. Features include:
- Instant Registration and Verification via Singapore's SingPass MyInfo.
- A pricing model based on hourly usage and mileage, with no security deposits or membership fees required.
- An offering of diverse vehicle types, including petrol, diesel, and electric vehicles, with plans to reach a fleet of 10,000 electric vehicles by 2030.
Financial and Business Performance
In February 2023, GetGo secured S$20 million (US$14.9 million) in funding, with a focus on expanding its electric vehicle fleet. As of November 2023, the company serves over 300,000 users, indicating notable growth since its inception.
Partnerships and Strategic Initiatives
In February 2024, GetGo formed a strategic alliance with SBS Transit to enhance last-mile connectivity by placing vehicles near MRT and bus interchanges. Further ambitions include international expansion, demonstrated by acceptance into Enterprise Singapore's "Scale-Up" program.
Controversies
GetGo has faced issues regarding its handling of user fees for accidents or maintenance, with allegations of overcharging users for repairs when users were not at fault, highlighting regulatory challenges in the car-sharing domain.
Customer Experience and Ratings
Although praised for accessibility and affordability, GetGo faces mixed user reviews on its app platforms, averaging 3.7 stars from over 5,000 ratings on Google Play and 3.1 stars from 19 ratings on the App Store.
Competitor Profile
GetGo Carsharing stands in competition with several prominent car-sharing companies, both locally and regionally.
1. Zoomcar
- Headquarters: Bangalore, India
- Founded: 2013
- Revenue (2023): $9.9 million
- Model: Peer-to-peer car sharing in India, Southeast Asia, and Egypt.
- Key Development: Listing on Nasdaq through a merger in December 2023.
2. SOCAR Mobility Malaysia
- Headquarters: Kuala Lumpur, Malaysia
- Founded: 2017
- Revenue Range: $10M - $50M
- Features: Corporate mobility solutions and peer-to-peer sharing via TREVO.
- Funding: $73M led by SK Group.
3. Hertz Global Holdings
- Headquarters: Estero, Florida, USA
- Founded: 1918
- Revenue (2024): $9.05 billion
- Market Presence: Operations in over 160 countries.
- Strategic Focus: Fleet electrification following bankruptcy emergence in 2021.
4. Sixt SE
- Headquarters: Pullach, Germany
- Founded: 1912
- Revenue (2023): €3.62 billion
- Strategy: Expanding fleet electrification and geographic footprint.
5. Ekar
- Headquarters: Dubai, UAE
- Founded: 2016
- Model: App-based car rentals and subscriptions in the Middle East.
- Expansion: Partnering with Careem for car-sharing services in Saudi Arabia.
Market Position and Strategic Insights
GetGo leverages its local insights and competitive pricing to solidify its market position in Singapore. It faces significant competitive pressure from international players like Zoomcar and SOCAR, who apply marketplace models and strategic investments. Hertz and Sixt emphasize large-scale expansion and technological innovations, while Ekar highlights the significance of strategic partnerships in broadening market reach. These dynamics underscore the challenges and opportunities in the evolving landscape of car-sharing services.
