Turkish online grocery company Getir raises $128 million to accelerate international expansion

The $128 million Series B round was led by Crankstart Investments and Base Partners. Getir is currently valued at approximately $850 million , making it one of the most expensive startups in the MENA region.

Getir was founded in 2015 by Nazim Salur, Arkady Volozh, Dogancan Dalyan , Mert Salur, Serkan Borancili and Tuncay Tvtek. 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 application. In addition, Getir also supports the delivery of food from more than 15,000 restaurants in Turkey.

In 2015 , Nazim Salur, one of the founders of Getir, launched a taxi-hailing app that allowed users to hail a car within three minutes. At the time, an idea popped into Nazim's mind, "Why not try to meet people's daily needs in about 10 minutes?" So he joined hands with other founders to launch Getir.

Getir is not the only company that has dominated the market since its establishment. Although it was the first company to launch a fast grocery delivery service in Turkey, other companies have quickly entered the market in the past few years. The most famous one is Banabi, which was launched by Delivery Hero in 2019.

The entry of new players has not affected Getir's pace of progress. Public data shows that Getir's revenue increased fivefold in 2020. Under the positive impact of the epidemic, Getir's business coverage in Turkey has more than doubled from the original 6 cities to 19.

After its success in Turkey, Getir set its sights on the European market. This is also the main purpose of the funds raised by Getir in this round B. One week after obtaining the financing, Getir announced its official entry into London, England through Twitter.

It is reported that Getir has opened 5 distribution centers in London and plans to increase the number to more than 20 in the next few months. In order to gain a foothold in the London market, Getir recruited a full-time rider delivery team with an hourly wage of £10.85, which is higher than the London average.

According to data previously released by Reuters, the UK grocery market ushered in a golden period in November 2020, with sales reaching $14.6 billion . During the epidemic, offline stores were closed and blocked, causing the British to stock up on groceries. According to a study by SpringBoard, British people's spending on online groceries increased by more than 88% in December last year. In this way, it makes sense for Getir to be the first to enter the UK grocery market.

After entering the London market, Getir also plans to expand its business to Sao Paulo, Paris and Mexico City.

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