Getir Takes Turkish Unicorn Top Spot on $2.6 Billion Valuation

Retail delivery application Getir has become Turkey’s most valuable start-up after being valued at $2.6 billion in its third round of funding, founder Nazim Salur said.

The firm, backed by venture-capitalist billionaire Michael Moritz, raised $300 million in the funding round led by Sequoia Capital and Tiger Global, Salur said in an online press conference on Friday.

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. The company received $128 million in January, reaching a valuation of $850 million.

The Istanbul-based company reached unicorn status – a term for startups that pass the $1 billion mark – in 5 1/2 years, making it one of the fastest-expanding startups in Turkey.

In doing so, Getir overtook the $1.8 billion valuation of Turkish game-maker Peak, which was bought by Zynga Inc. in June 2020 in the country’s first unicorn exit.

Getir will use the funding to expand into new countries including Germany, France and Netherlands. It also aims to start operations in Brazil in the second half of the year if the pandemic slows, Salur said. The app started its first overseas operations in London earlier this 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.

©2021 Bloomberg L.P.

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