Following a new Series E funding round, instant delivery company Getir has raised $768 million at a new valuation of $11.8 billion. The round saw the participation of Abu Dhabi Growth Fund (ADG), Alpha Wave Global, Sequoia Capital, Tiger Global and was led by Mubadala Investment Company.
Today, Getir which started in Turkey is now operating in cities across the US and Europe allowing orders to be sent as quickly as possible, on-demand, and in an “ultrafast” manner. Immediately orders are made, Getir starts to process them.
Getir was founded in 2015 in Turkey by Nazim Salur and offers “instant” delivery services via its mobile app. The startup operates an efficient network of fulfilment centres that aids it to make its deliveries in an “ultrafast” manner. The company operates “dark stores” and owns the inventory of products as well as control them. So once orders are made, the closest delivery person delivers your order as quickly as possible in minutes, as advertised by the company but usually delivery takes between 20 to 40 minutes.
Currently, Getir which is a big name in Turkey operates in 81 cities in the countries. It also operates in 48 other cities across the UK, France, Italy, Spain, the US, Portugal and the Netherlands. The company also manages about 1,100 dark stores.
The company competes with rivals such as Cajoo, Xapp, Gorillas, Flink, Gopuff in an incredibly crowded market but there’s still room for every one of them to thrive.
The new funding will be used to develop the startup’s technology as well as to hire more talents. In a statement, Getir’s founder Nazim Salur said that “We are defining the ultrafast delivery sector and this latest round of funding is a testament to Getir’s position as an industry pioneer. In such an exciting and competitive market we cannot afford to stand still. This investment will enable us to further develop our proposition and technology, as well as invest in our employees to continue to attract the best talent.”