Grocery delivery app Getir, based in Turkey, is reportedly eyeing a valuation of $7 billion or more with a new infusion of capital, Bloomberg reported Friday (April 30).
The platform is in talks to raise at least $500 million. Getir plans to use those funds to expand into the U.S., the news outlet reported, citing people familiar with the matter. The funding deal should be finalized by next month.
Getir was last valued at $2.6 billion in March, following a $300 million funding round. Some of its existing investors may join the new funding deal, Bloomberg said. A Getir representative declined Bloomberg’s request for comment.
The platform began its international expansion in London last January and also has plans to expand to Brazil in the latter half of the year.
Getir touts its “ultrafast,” 10-minute delivery service, which runs on scooters. Q-commerce—or quick commerce—is carving out its place in today’s online shopping habits, spurred on by Amazon’s original two-day delivery policy in 2005, and only getting faster since. Startups like Spain’s Glovo, Germany’s Gorillas, and several others across Europe have brought in funding recently — and that’s not to mention Deliveroo’s, albeit lackluster, initial public offering (IPO) in London.
Now it’s just up to the grocery brands to keep up with their delivery partners — particularly in ensuring their inventory is large enough to match demand — and varied enough to attract digital shoppers and compete with digital-native grocers.
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Getir may also seek an IPO in New York in another two years or more, Bloomberg said.
