Turkish online grocery store Getir receives $300 million in Series C funding, accelerating its international business

The Series C round of financing was jointly initiated by Sequoia Capital and Tiger Global Management Fund. Getir raised a total of US$300 million in this round of financing . So far, Getir has become a unicorn startup in the field in the Middle East and North Africa, and the company's valuation has tripled to US$2.6 billion.

“Investors were so interested in our business model that we started finalizing our Series C round two months after our Series B,” said Nazim Salur, Getir ’s founder and CEO.

Earlier this January, Getir completed a $128 million Series B round of financing , with a company valuation of $850 million. A week after receiving the financing, Getir announced its official entry into the European market, with London as its first stop.

With this round of C financing, Getir plans to expand its business to three more European markets, including Germany, France and the Netherlands. Getir also said that it will launch its business in Brazil in South America once the COVID-19 pandemic is under control.

The grocery market has become a competitive market in the past year , and many startups have received a lot of financing during this period, such as Gorillas and Flink in Berlin, Dija and Weezy in the UK, and Cajoo in France. The day before Getir announced the completion of its Series C financing, Gorillas, which was established only 10 months ago, received $290 million in financing, which is enough to show the hotness of the grocery market. With so many competitors, it will take time for Getir to stand out.

In its hometown of Turkey, Getir has also achieved gratifying business results under the positive impact of the epidemic. In 2020, Getir's revenue increased fivefold. In addition, its business coverage in Turkey has more than doubled, from the original 6 cities to 19. In Turkey, Getir also has a large number of competitors, including Delivery Hero and Yemeksepeti.

Getir is an online grocery company founded in 2015. Getir prides itself on its "10-minute grocery delivery", which enables millions of Turks to buy more than 1,500 products such as electronic accessories, lamps, baby products, pet products, beverages, etc. through its mobile app. In addition, Getir also supports the delivery of food from more than 15,000 restaurants in Turkey.

middle East

Türkiye