Getir, which means “bring” in Turkish is the first-ever ultrafast delivery start-up founded in 2015. Through its efficient mobile app, it offers an on-demand delivery service for grocery items, in addition to a courier service for restaurant food deliveries.
This Turkish grocery delivery app brought its total fundraising for the year to more than $1.1 billion by securing additional capital from an existing investor, according to people with knowledge of the matter. One of its investors is expected to increase its stake in exchange for $150 million in fresh funds (said the people, who asked not to be named because the deal isn’t yet public). They weren’t comfortable specifying what valuation the investment is placed on Getir or the size of a shareholding that will change hands.
The company, whose valuation nearly tripled to $7.56 billion in its prior investment round, will use the funds to expand in Turkey and abroad, the people said. Although the representative for Getir declined to comment.
Getir Wishes To Mark Its Territory Across The Globe
According to research done in early 2021 from Capgemini, 56% of UK consumers prefer to get online deliveries at least once a week. As the grocery app craze took over, many players in the space including Weezy, Dija, and even Deliveroo started delivering groceries.
- The Turkish online grocery delivery startup backed by venture capitalist Michael Moritz — launched its rapid delivery service in London in Feb 2021, has also announced its Series D funding round. This last-mile 10 mins delivery service raised over $550 million (nearly £390 million), tripling its valuation to over $7.5 billion (nearly £5.3 billion), just three months after its last funding round of $128M.
- It raised the latest funding from existing investors including Tiger Global and Sequoia Capital. Also added a number of global, blue-chip investors to its kitty, including Silver Lake, DisruptAD, and Mubadala Investment Company, and a large, diversified asset manager on the West Coast.
- This is Getir’s third round of investment in 2021, with nearly $1 billion (nearly £0.7 billion) raised so far this year. This investment will continue the company’s global expansion with couriers set to hit the road in Paris and Berlin in the next few weeks. While several cities in the US are on the roster to follow by Q4 this year.
- Getir is now already worth more than food delivery apps Deliveroo and Grubhub, along with UK supermarkets WM Morrison and Marks & Spencer.
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.” said Nazim Salur, Founder of Getir.
- It is currently operating in 30 cities in Turkey and has launched operations in the UK in January and in the Netherlands in May 2021. The firm also has sub-brands – GetirFood, GetirMore, GetirWater, and GetirLocals.
- For the UK market, Getir informed UKTN that after their London launch, the company will eventually plan to expand its operations in Birmingham and Manchester.
- Currently, Getir serves 45% of London (predominantly zones 1, 2 & 3), operating from 28 strategically located dark stores. By the end of 2021, they look forward to expanding over 15 cities across the UK, to be operating out of around 90 dark stores.
“This starts with our imminent arrival to Manchester and Birmingham in the coming weeks,” says, Turancan Salur, Getir UK General Manager.
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The New Phase
As we understand, Getir has already entered into a new phase of expansion through acquisitions on top of organic growth internationally. It bought delivery app BLOK in Spain for an undisclosed amount and acquired a majority stake in Turkish car-sharing platform Moov for at least $16 million.
Salur confirmed that Getir is ready to acquire “a strategic stake” in the online marketplace n11.com, founded by Turkey’s Dogus Holding AS and South Korea’s SK Group. In Turkey, Getir’s fundraising this year is second only to Trendyol, an e-commerce company backed by Alibaba Group Holding Ltd. that has attracted $1.85 billion, so far.
Around the world, dozens of companies have jumped into the fast-growing delivery-in-minutes business, including companies such as Philadelphia-based GoPuff and Dija in London, as well as gig-economy veterans like Uber Technologies Inc. and Delivery Hero SE.
According to the research company, PitchBook, venture capitalists concluded 66 deals in the sector valued at a combined $7.4 billion in the first quarter up from $222 million a year earlier. Although their approaches differ, they’re all seeking to capitalize on the needs of consumers by delivering groceries and other goods in mere minutes — a convenience that many grew accustomed to during the pandemic.