Fast delivery startup Getir closes funding round with $12 billion valuation

Turkey’s fastest-growing instant delivery startup Getir has mopped up $768 Million in the Series E funding round. With these funds, the company has touched a valuation of $11.8 Billion, and it is all set to upgrade its services. It is learned that Mubadala Investment Company is leading the round, with Abu Dhabi Growth Fund (ADG), Alpha Wave Global, Sequoia Capital, and Tiger Global taking part.

Though founded in Turkey, Getir has rapidly expanded its geographical footprint across Europe and the US. Contrary to traditional grocery delivery services, Getir allows you to order groceries without having to pick a delivery slot. Delivery is instant; meaning you send your order, and Getir starts working on it.

Without fanfare, Getir has built business-intensive networks and micro-fulfillment centers in dozens of urban areas which are their primary operational structures. These ‘dark stores’ are operated by Getir and the company controls and own the inventory of products too. They are used to parcel the products and have them ready for delivery instantly.

A bike-borne delivery person delivers your order as quickly as possible. It means that you can expect to receive your order within minutes, the company’s website claims. Realistically, the complete delivery process can take 20-40 minutes depending on various specifications of the order.

Getir has succeeded in capturing 40 Million app downloads across nine countries. The startup also runs 1,100 dark stores globally. The reason why mega-funding is necessary for Getir and other such instant delivery apps is that they are capital-intensive.

Getir is dominant in Turkey and is currently operating in 81 cities. The company covers 48 cities in all other markets — U.K., Germany, France, Italy, Spain, Netherlands, Portugal, and U.S. The company stated that the funding round once again proved that they are a pioneer in the segment, and with it, they will be upgrading their technology and building a better team.

While the innovative mindset and the freshly raised funds will help the company remain competitive, it is an extremely stiff market. Getir currently competes with Gopuff, Flink, Gorillas,Zapp, and Cajoo. According to experts, there is likely to be greater consolidation soon.