Turkish tech startup Getir rides the speedy grocery delivery craze with $550 million in funding at a $7.5 billion valuation
Getir, an Istanbul, Turkey-based tech startup that provides on-demand delivery services, has raised $550 million in a Series D investment round, pushing the company’s valuation to a whopping $7.5 billion. Getir was last privately valued at $2.6 billion in a May funding round. The company will use the fresh capital infusion to expand its footprint into the United States.
The latest funding is a sign of investors’ appetite for investments in the red-hot speedy grocery delivery space. Backed by existing investors including Tiger Global and Sequoia Capital, Getir will now add a number of global, blue-chip investors including Silver Lake, DisruptAD, and Mubadala Investment Company as well as a large, diversified asset manager on the West Coast. The latest funding marks Getir’s third round of investment in 2021, with nearly $1 billion raised since the beginning of 2021.
Founded in 2015 by Nazim Salur, Serkan Borancili, Tuncay Tutek, Dogan Dalyan, and Mert Salur, Getir combines urban logistics and mobile technology to provide instant delivery of goods in urban areas. Its application enables its users to order a range of products and pay for them through their credit cards. Once purchased, the goods are later delivered to the users. The application also features live tracking, which enables its users to track the location of their orders.
“Our model and approach to ultrafast delivery is thriving and this latest round of funding further enables us to deliver our best-in-class service to new customers in Europe, the United States, and beyond. There is great appetite for Getir and rapid grocery delivery. As the pioneers of the market, we continue to stand out by constantly innovating to provide the industry standard.” says Nazim Salur, Founder of Getir.
Getir has revolutionized last-mile delivery with its 10-minute grocery delivery proposition offering a selection of 1,500 everyday items to its customers in minutes, 7 days a week, day and night. Getir is now operating in 30 cities in Turkey and has launched operations in the UK in January and in the Netherlands in May 2021. Getir also has sub-brands – GetirFood, GetirMore, GetirWater, and GetirLocals. Its rivals include Germany’s Gorillas and U.K. rivals like Dija, Zapp, and Deliveroo.