Turkish on-demand delivery pioneer Getir's valuation hits $7.5 bln

ISTANBUL

Turkish on-demand delivery pioneer Getir's valuation rose to over $7.5 billion, thanks to the investment of $550 million it received.

Getir will utilize the latest capital injection to fuel its expansion into the U.S., the Istanbul-based platform said in a statement on June 4.

"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," it said.

With nearly $1 billion of investment raised since the beginning of the year, the valuation of the company was nine-fold in five months.

The company is set to operate in Paris and Berlin, after launching in London in January and Amsterdam in May.

Several cities in the U.S. are on the roster to follow by the fourth quarter, it said, bringing the number of countries it operates in to six.

Getir founder Nazım Salur stressed Getir's sticking point is the fastest grocery delivery.

"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 US and beyond," he added.

After securing $300 million new investment as of March 2021, Getir has become Turkey's second unicorn fetching a valuation of $2.6 billion.

A unicorn is a term employed in the venture capital industry to define a privately held startup company with a value of over $1 billion.

Founded in 2015, Getir delivers over 1,500 varieties of groceries to its customers every month in an average of 10 minutes.

The company has sub-brands - GetirFood, GetirMore, GetirWater and GetirLocals.