Post COVID-19 pandemic, online grocery shopping is on an unstoppable march, taking a larger chunk of the food-retail market.
Capitalising on the situation, Getir, a Turkish company that provides 10-minute grocery delivery, has secured a $300M (approx €254M) in a Series C funding round, valuing the company at $2.6B (approx €2.2B).
The round was led by Sequoia Capital and repeat investor Tiger Global. Also, 7 out of 8 existing investors participated in the round. The latest funding round comes just two months after finalising its $128M (approx €108M) Series B round.
Becomes Turkey’s valuable startup
Notably, Getir becomes the country’s most valuable startup, overtaking the game-maker Peak Games, which was bought by Zynga Inc. at a $1.8B valuation in June 2020.
The latest funding will be used to support its exponential growth in Turkey and the UK. Getir launched its operations in London back in January 2021.
Eyes Europe expansion
Further, the company is planning to expand into three more European markets — Germany, France, The Netherlands – reaching a total of five markets within six months of its international debut.
According to the company’s founder, the Istanbul-based platform has its sight set on Brazil as well once the spread of the coronavirus settles. In Europe, Getir will compete against the likes of Crisp, Dija, Weezy, Alkemics, Deliveroo, and others.
Delivery within 10 minutes
Founded in 2015 by Nazım Salur, Serkan Borançılı, and Tuncay Tütek, Getir claims to have revolutionised last-mile delivery with its 10-minute grocery delivery proposition. The platform delivers a selection of 1,500 everyday items to its customers in minutes, seven days a week, day and night.
“We began in 2015 with the vision to disrupt how people get their groceries. Every month, we deliver a variety of 1,500 products to millions of people in Turkey in an average of 10 minutes. Thanks to the interest in our groundbreaking business model, we had the opportunity to finalise a Series C round only two months after our Series B. We have now raised $300mn and will use the investment for our ambitious European expansion. We are glad to announce that we have become the fastest Turkish unicorn. And in the coming months, we will also start operating in Germany, France, and the Netherlands.” says Nazim Salur, founder of Getir.