Turkish Grocery Delivery App Getir Adds More Investment Capital

Getir Grocery Delivery

Getir, the Turkish grocery delivery app, has now topped $1.1 billion in fundraising with new capital from one of its existing investors, according to a Bloomberg report on Monday (Sept. 13) that cited people with knowledge of the matter. The unnamed investor will reportedly increase its ownership in Getir for $150 million.

Getir’s valuation almost tripled to $7.56 billion in its most recent investment round. The Istanbul-based company will use the money to expand across Turkey and into other countries. Getir has a presence in seven U.K. cities in addition to Amsterdam, Paris and Berlin. Its most recent operations in Madrid and Barcelona open this week, and the company is eyeing a push into the U.S. by the end of 2021.

Getir bought the Spanish delivery app BLOK for an undisclosed amount and bought a majority share of Turkish car-sharing platform Moov for at least $16 million. The company is also considering a share of n11.com, the Turkish-based Dogus Holding AS and South Korea’s SK Group.

Related news: Turkish Delivery Firm Getir Nets $7.5B Valuation, 35% Larger Than Grubhub

Getir and its network of scooter drivers specialize in 10-minute delivery, fulfilling more than five million orders per month in Turkey alone.

The global e-grocery market is projected to hit $663 billion in 2024, growing 25% per year.

Also, Turkish firm Hepsiburada reached a $1.9 billion valuation this summer after its initial public offering. It plans to expand its services by including travel booking and money transfers. Hepsiburada intends to use funds to broaden its offerings beyond Turkey.

More details: Hepsiburada Finishes Off US IPO as It Eyes Super-App Future