GetGo back to profit after easing on the gas in 2024

IF 2023 was the year of aggressive fleet expansion for Singapore-based GetGo, 2024 was about hitting the brakes.

After growing its fleet to 3,000 vehicles in 2023, the car-sharing firm focused on getting more users last year, Toh Ting Feng, co-founder and CEO of GetGo, told Tech in Asia.

Beyond expanding its fleet size, the firm also upped its staff count and inked new partnerships in 2023. This increased its burn rate, causing the company to move into the red that year.

Things turned around in 2024, when the business reported a positive profit before tax of about S$600,000, according to its audited financial statement. Its revenue also jumped roughly 14 per cent year on year.

The decrease in investments was reflected in its cash flow statements: Net cash used in investing activities – which includes additions to its fleet – for 2024 decreased by half to US$5.7 million.

Back to black

While administrative and finance expenses rose in 2024, revenue gains were significant enough to drive the company back to net profit.

GetGo also turned cash flow positive for the year, while its cash and cash equivalents at the end of 2024 remained relatively level compared to 2023.

Now, Toh said that the company needs to be “disciplined” and not chase certain metrics – such as revenue and profit – “for certain metrics’ sake”.

Founded in 2020, GetGo’s platform allows its users to book a car using a mobile app. It’s only available in Singapore so far.

These units, which include both internal combustion engine and electric vehicles, are available for rent at its roughly 1,700 locations across the city-state.

Toh said that GetGo’s return to black was a result of it increasing the quality of its services and introducing new features.

For example, it launched a new vehicle category last year called GetGo Select. Cars offered under this category come without GetGo branding on their doors but cost more.

Right now, about 10 per cent of its vehicles are Select cars, Toh shared.

The CEO expects to see demand for Select vehicles progressively increase, and by the end of this year, he estimates that 20 to 25 per cent of its total fleet will be vehicles in this category.

Another key initiative for GetGo in 2024 was bringing its services to private residential housing. So far, it has set up GetGo stations in 50 condominiums, along with the necessary charging infrastructure.

“In 2024, we saw that there was increasing usage by families that were living in condominiums,” Toh said. Roughly 260,000 households – or 17 per cent of Singapore’s total population – live in such housing developments as at last year.

For now, the company is starting with larger developments and plans to extend its footprint in these areas this year.

Without disclosing specific numbers, Toh said that GetGo’s total bookings for the year grew in line with its revenue. The firm is closing in on 500,000 registered users, up from about 300,000 at the end of 2023.

A zing with ZipZap

GetGo’s 2024 pullback is not a shutdown of its engine entirely.

Since 2024, the company has increased the available cars on its platform by 7 per cent to more than 3,200.

According to its financial statement, the company’s subsidiary, GetGo SG SPV B, also acquired vehicles under finance leases of over US$5 million in March this year. The deal added around 200 new vehicles to GetGo’s platform, Toh clarifies.

The founder said that its ambition to offer 10,000 greener vehicles – consisting of EVs and hybrids – by 2030 is well and alive. Most of GetGo’s new units for its Select category are green vehicles, Toh added.

The firm has been busy in 2025 as well. In July, it launched ZipZap, a long-term car rental service. Prior to this, its lease options ranged from an hour to five days.

“Demand for mid- to long-term rentals, those six months and up, continues to grow,” Toh said.

GetGo’s long-term car leases could offer an alternative to users in Singapore, where it’s becoming more costly to own a vehicle.

As at the end of 2023, only a third of Singaporean and permanent residents in the country owned cars – down 40 per cent compared to 2013.

Still, the car-rental market is not without its challenges. In August, competing platform BlueSG said that it would pause its services starting Aug 8 as it “streamlined operations significantly” ahead of a relaunch next year.

The car-sharing platform had around 250,000 subscribers at the time.

To differentiate ZipZap’s longer-term car rentals from ownership, GetGo offers a “subscribe and share” feature that allows ZipZap subscribers to rent out their vehicles on the GetGo platform.

While only in its beta stages, Toh said that ZipZap has garnered significant interest so far.

“In around three to five years from now, we definitely see ZipZap as potentially being as large as GetGo,” Toh added. TECH IN ASIA