Turkish fast delivery service Getir targets $800m
Getir, the Turkish grocery delivery startup, is close to closing a deal to raise $800 million in a funding round, Bloomberg reported on Friday (March 11).
The round comes with a check for $250 million from Mubadala, the lead investor. Abu Dhabi’s state-owned holding company ADQ, Sequoia and Tiger Global were among other investors. Alpha Wave Global, known as Falcon Edge Capital, will join the other investors.
The company’s value now sits at $11.8 billion, according to sources speaking to Bloomberg.
The pandemic has seen a lot of money go to delivery companies like Flink and Gopuff, in addition to Getir. But since then, food delivery stocks have been doing poorly, with more focus on future profitability, as people have started going out in public more by 2021.
Getir debuted in 2015, with over $1 billion raised since then.
Read more: Fast delivery start-up Getir aims to expand into the United States
Getir reportedly considered expanding to the United States last December, PYMNTS wrote.
The company was already working in New York, Chicago and Boston. The report notes that the company wanted to expand into more US cities and was planning to go public in 2022 or 2023.
Getir has about 30,000 employees worldwide and will compete with Gopuff and others like DoorDash if it expands in the United States.
Nazim Salur, CEO and co-founder, said “one United States is equal to all of Europe”.
“A good basketball player ultimately wants to play in the NBA, and the NBA is in the United States,” he said. “We played basketball in Turkey, then in the Euroleague. And now it’s time to show our skills and try to succeed in the NBA.