As the instant delivery space is booming all over the world during the pandemic, investors have shifted their focus to instant grocery delivery startups. In a recent development, Getir, the Turkish rapid grocery delivery company is all set to close $800 million in funding. With this, the company will reach a valuation of $11.8 billion.
As per rumoured reports, the investment round will involve $250 million from Mubadala, the lead investor. Also, Abu Dhabi’s state holding company ADQ, Sequoia and Tiger Global will be among the other investors. Alpha Wave Global, known as Falcon Edge Capital, will join the other investors. This round comes soon after Getir acquired Weezy.
US expansion plans
Getir is already working in New York City, Chicago and Boston. Also, it aims to use the investment to expand into more U.S. cities. Besides this, the company is also looking forward at going public either in 2022 or 2023.
Currently, Getir has nearly 30,000 employees worldwide, and will be competing with Gopuff, DoorDash and others that are already big players in the US with its expansion plans.
Nazim Salur, CEO and co-founder, said “One U.S. is equal to all of Europe. A good basketball player, in the end, wants to play in the NBA, and the NBA is in the U.S.,” he said. “We played basketball in Turkey and then the EuroLeague. And now it’s time to show our skills and try to make it in the NBA.”
Competition for Getir!
As per reports, the total of transactions on the platform is estimated to reach $73 billion by 2025, which is higher than $2.4 billion in 2021. On the other hand, the gross merchandise value of DoorDash is projected to reach $48.6 billion in 2025.
During the pandemic, we have seen many grocery delivery firms get funded including Zapp, Zepto, Pieter Pot and others. Now, as the situation is easing all over the world and customers are returning to in-person dining and grocery shopping, the public food-delivery stocks have taken a dip and focus on profitability in the future.
Unlike other companies, Getir offers its employees a range of benefits, including full-time positions and employee status to drivers and packers.
What does Getir do?
Getir was founded in 2015 by Nazım Salur. The Turkish company delivers groceries and corner shop items to customers within 10 minutes of placing the orders. As of last year, The platform delivers a selection of 1,500 everyday items to its customers in minutes, seven days a week, day and night. Getir combines urban logistics and mobile technology to provide instant delivery of goods in urban areas.
Besides the US, Getir is now operating in 47 cities in Turkey and had launched operations in the UK, the Netherlands, Germany, France, Spain, Portugal and Italy last year.