GETIR is valued at $2.6 billion with $300 million in new funds - MENA startups, innovation, and tech news

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GETIR is valued at $2.6 billion with $300 million in new funds
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GETIR is valued at $2.6 billion with $300 million in new funds

What is GETIR?

GETIR is a Turkish startup founded in 2015, it provides an on-demand ‘ultrafast’ delivery service of groceries & restaurant food deliveries within 10-15 minutes.

Brief History About GETIR

GETIR was established in 2015 by a team including Nazim Salur, also the founder of the Turkish ride-hailing mobile application. GETIR has been expanding its horizons ever since then. GETIR services are provided in 23
Turkish cities, 1 in the UK’s city & 1 in the Netherland’s city. The company started operating in London in February 2021.

GETIR is a retail delivery application that embellished Turkey’s most valuable startup after being cherished at $2.6 billion & became the country’s second-largest venture that reached up the unicorn status by
tripling its quotation to $2.6 billion in less than 2 months, that too with a $300 million in Series C, which was controlled by Sequoia Capital & the returning investor Tiger Global. (Sequoia Capital is an American-based venture capital firm, which mainly focuses on the technology industry, founded by Don Valentine in 1972 in Menlo Park, California.) With this assessment, GETIR has become the most valuable startup in the Middle East, North Africa, Turkey & Pakistan region.

GETIR claimed that they have introduced the very concept of ultrafast delivery that is around 10-15 minutes grocery delivery with the help of the networks built with dark stores & riders but within 1 year, it has become very competitive with countless European startups which have been multiplied.

It is unclear how these various applications would differentiate themselves for the clients if they operate within the same geographical areas with the promise to deliver between 10 to 15 minutes. In GETIR’s original marketplace its biggest challenger is Delivery Hero that controls Yemeksepeti for the same purpose of delivering food & groceries.

GETIR funding partner, Nazim Salur drew attention to the dominance of five funding partners holding up to 60% of the shares in the start-up which elevated up to a $300 million funding round of international growth. The final round of Getir follows a $128 million Series B, valued at $850 million this past January.

Roughly during the same period, the Turkish startup also poured off its international augmentation by launching in London. GETIR also has plans to expand into three more European markets including Germany, France, & the Netherlands. It also plans to launch in Brazil once the COVID-19 situation is addressed.

Nazim Salur, Founder & CEO of GETIR said in a statement “We began in 2015 with the vision to disrupt the way people go about their grocery shopping. Every month we ship a variety of 1,500 products to millions of people in Turkey in less than 10 minutes.”

Nazim Salur further stated, “Thanking the interest generated by our innovative business model, we had the opportunity to finalize a Series C only within two months after our Series B. We have now collected $300
million and will use this investment for our ambitious European expansion. We are glad to announce that we have become the fastest Turkish unicorn.” (The term UNICORN represents the statistical rarity of eminent ventures. Unicorn is privately held for the Start-up companies valued at above $1 billion.)

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