Start of ultrafast grocery delivery with Istanbul headquarters Getir has grown to a unicorn, doubling its valuation to $ 2.6 billion in less than two months with a $ 300 million Series C co-managed by Sequoia Capital and returning investor Tiger Global. With this evaluation, Getir is now the most valuable start-up stage in the Middle East, North Africa, Turkey & Pakistan. It is the second Turkish start to gain unicorn status. The Peak Games that Zynga acquired for $ 1.8 billion was the first Turkish to pick up (leave) at a value of more than a billion dollars.
Getir’s latest tour follows the $ 128 million Series B that came in at a $ 850 million valuation in January earlier this year. Around the same time, Turkey’s startups also began their international expansion with the launch in London. With the latest funding, Getir now plans to expand to three other European markets including Germany, France and the Netherlands. They also have plans to launch it in Brazil once the Covid-19 situation there is under control.
Founded in 2015, Getir claims to have started the concept of ultrafast (10-minute) grocery delivery using the network of dark stores and riders but this place has come to be competitive within the last twelve months with many European startups building major tours. The list includes Gorillas and Flink with head offices in Berlin, Dija and Weezy based in the UK, and Cajoo in France. Ten – month – old Gorillas raised $ 290 million at a valuation of more than $ 1 billion earlier in the day before Getir announced his tour.
It is not clear how these different apps would differentiate themselves for the customer if they work in the same areas with the promise of offering 10-15 minutes delivery. In its home market where Getir also delivers food as well as groceries, its biggest competitor is Hero Delivery which operates Yemeksepeti for food and grocery delivery.
Commenting on the investment, Nazim Salur, founder and CEO of Getir, said, “We started in 2015 with the vision to ban access to food. Every month, we deliver a mix of 1,500 products to millions of people in Turkey in an average of 10 minutes. Thanks to the interest in our innovative business model, we had the opportunity to complete the Series C tour just two months after our Series B. We have now raised $ 300mn and will use the investment to expand them. our ambitious European. We are pleased to announce that we have become the fastest growing Turkish unicorn. “
Founder at MENAbytes
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