Getir is now a decacorn! Raises a whopping €694M at €10.66B valuation

Istanbul-based Getir, a technology company that provides on-demand delivery services, announced on Friday that it has raised $768M (nearly €694M) in its Series E round of funding. The round brings the company’s valuation to $11.8B (nearly €10.66B) and cements its position as a decacorn. Getir has raised a total of $2B in funding to date.

The investment was led by Mubadala Investment Company, while Abu Dhabi Growth Fund (ADG), Alpha Wave Global, Sequoia Capital, and Tiger Global also participated as major investors.

Ibrahim Ajami, Head of Ventures and Growth at Mubadala, says, “Groceries represent one of the largest offline to online opportunities globally, led by fast-changing consumer habits which have accelerated online purchasing adoption. We believe Getir will continue to prove to be an industry leader as it expands into new categories and geographies. We remain impressed by management’s ability to enter new markets while providing an exceptional customer experience. We are proud to continue our partnership with Getir as it embarks on the next phase of its growth.”

Delivering groceries in minutes

Founded in 2015 by Nazım Salur, Serkan Borançılı and Tuncay Tütek, Getir is a technology company that operates in retail and logistics. The company claims to have revolutionised last-mile delivery with its 10-minute grocery delivery proposition. It delivers a selection of 2000 everyday items to its customers within 10 minutes, 24×7.

Currently, Getir is operational in all 81 cities of Turkey. Throughout 2021, Getir launched operations in cities across the world –  the UK in January, the Netherlands in May, Germany and France in June, Spain and Italy in September, Portugal in October, and the US in November. As of today, Getir has operations across three continents, delivering to customers in nine different countries.

Besides, the company also has associated businesses including GetirFood, GetirMore, GetirWater, and GetirLocals.

In July, 2021, the grocery delivery startup made its first acquisition, Barcelona-based BLOK, to cement its position in the European market. Post the acquisition, Getir had immediate access to Spain and Italy, with Portugal soon to follow. As a part of the deal, BLOK’s 120 employees were absorbed by Getir.

Capital utilisation

Since January, 2021, Getir has been expanding across Europe and the US, and has now reached a total network of over 1,100 g-stores and close to 40 million app downloads across 9 countries, delivering almost one million orders daily.

With the latest fundraise, the company says it will further support its growth within the countries in which it operates, while solidifying its position as a leader in the category it created.

Nazim Salur, Founder of Getir, says, “We are defining the ultrafast delivery sector and this latest round of funding is a testament to Getir’s position as an industry pioneer. In such an exciting and competitive market we cannot afford to stand still. This investment will enable us to further develop our proposition and technology, as well as invest in our employees to continue to attract the best talent.”