Delivery App Getir Seeks Funds at Minimum $7 Billion Valuation
(Bloomberg) -- Turkish retail delivery app Getir is in talks to raise new funds with a valuation of at least $7 billion, according to people familiar with the matter who asked not to be named.
Getir is seeking to raise at least $500 million, the people said. The funds will be used to expand in the U.S., one of the people said. The company aims to close the deal by next month, and pursue an initial public offering in New York after two years, the person said.
A representative for Getir declined to comment.
Instant delivery companies that ferry groceries and other goods to consumers have seen demand surge during the coronavirus pandemic. Startups including Getir and Berlin-based grocery delivery app Gorillas have rapidly hit billion-dollar valuations. In the U.K., London-based Deliveroo signed a two-year partnership with grocer Waitrose to expand its delivery service to 150 shops across the country by the end of the summer.
DoorDash Inc., the largest food-delivery company in the U.S., is also seeking acquisitions in Europe, Bloomberg reported Thursday.
Getir started its first overseas expansion in London earlier this year and plans to start operations in Brazil in the second half of this year if the pandemic slows.
Some of Getir’s existing investors have expressed interest in joining the deal, the people said. The company last raised money in March, garnering $300 million in a round that came with a $2.6 billion valuation led by Sequoia Capital and Tiger Global.
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