Turkey’s Getir to Raise Funding at $800 Million Valuation
(Bloomberg) -- Getir is close to signing a deal for fresh funding at a valuation of more than $800 million, as Turkey’s biggest online delivery service gets ready to expand into the U.K., according to people familiar with the matter.
The firm, backed by venture-capitalist billionaire Michael Moritz, is in talks with investors to sell an unspecified minority stake for about $100 million, the people said, asking not to be identified because deliberations are confidential. The proceeds will be used for further investments, they said.
Like many other e-commerce ventures, Getir enjoyed faster-than-expected growth in 2020 after coronavirus-related lockdowns saw more people turn to online shopping. Getir declined to comment.
The firm, whose name means “bring” in Turkish, has done all it needs to start operations in London within weeks, its first international foray, said the people. South America will likely follow later this year, they said.
The Istanbul-based company will probably reach unicorn status -- a term for startups that pass the $1 billion mark -- in the next investment round, the people said. The company has taken 5 1/2 years to crack the latest valuation, making it one of the fastest expanding startups from Turkey.
With operations in 10 Turkish cities including Istanbul and Ankara, Getir is targeting Sao Paulo and Mexico City after London, co-founder Nazim Salur said in an interview last year.
In Turkey, Getir competes with more than a dozen grocery delivery startups including istegelsin.com, owned by Yildiz Holding AS, Delivery Hero SE’s banabi, and Migros Sanal Market, a unit of Migros Ticaret AS.
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