Getir, an Istanbul-based provider of ultrafast grocery delivery, has raised $550 million in Series D funding. The investors include Winter Capital Partners, Sequoia Capital and Tiger Global.
Winter Capital Partners has announced an investment in Getir, the pioneer of ultrafast grocery delivery, as part of a $550 million-plus Series D investment round. With Sequoia Capital, Tiger Global and other investors also participating, the injection of funds values the company at more than $7.5bn.
Getir, established in Turkey in 2015, offers its customers 1,500 grocery and other everyday goods, delivered in 10 minutes. Getir started its international expansion by launching operations in London in January and Amsterdam in May of this year, with plans to expand to France, Germany and the United States later in 2021.
Mikhail Dubnov, Managing Director at Winter Capital Advisors, commented on the deal: “There are companies that use new technologies to make existing processes more efficient. Then there are companies that change the rules of the game and the usual way of life, creating new patterns of consumption and overturning the established order. Getir is an example of a business using bleeding-edge technology to revolutionize the way people buy products, while delivering excellent operational efficiency. We are delighted to be part of this exciting story”.
Online on-demand grocery delivery is a fast-growing market that has gotten a boost from the coronavirus pandemic thanks to the acceleration of e-commerce and a surge in venture capital. The market is poised to grow by $631.84 billion over 2020-2024, with a combined annual growth rate of some 29%, according to Technavio.
Getir is the ultrafast delivery pioneer. Based in Istanbul, the tech company has revolutionized last-mile delivery with its 10-minute grocery-delivery product, offering a selection of 1,500 everyday items to its customers in minutes, 7 days a week, day and night. Getir is now operating in 30 cities in Turkey and has launched operations in the UK in January and in the Netherlands in May 2021. Getir also has sub-brands: GetirFood, GetirMore, GetirWater and GetirLocals.
Getir is a retail and logistics technology company. It was founded in 2015 by Nazim Salur (founder of BiTaksi, Turkey’s leading taxi app), Serkan Borancili (founder of GittiGidiyor which was acquired by eBay in 2011) and Tuncay Tutek (ex-PepsiCo and P&G executive in Europe & the Middle East).
About Winter Capital Partners (WCP) Investment Funds
With total assets under management exceeding $1 billion, Winter Capital Partners (WCP) focus on growth investments globally. The funds invest in fast-growing technology companies in a number of selected verticals: healthcare, education, financial and consumer services.