Turkey Startup Getir Seeking Funding at $800 Million Valuation

(Bloomberg) -- Getir is seeking fresh funding at a valuation of more than $800 million, as Turkey’s biggest online delivery service readies an expansion into the U.K., according to people familiar with the matter.

The firm, whose name means “bring” in Turkish, is in talks with investors to sell an unspecified minority stake for about $100 million, the people said, asking not to be identified because deliberations are confidential. The proceeds will be used for further investments, they said.

Getir declined to comment.

Like many other e-commerce ventures, the company enjoyed faster-than-expected growth in 2020, when coronavirus-related lockdowns saw more people turn to online shopping.

Getir has completed all it needs to start operations in London within weeks, its first international foray, said the people. South America will likely follow later this year, they said.

The firm has raised around $70 million from investors, including $38 million in its first funding round completed earlier last year, which saw venture-capitalist billionaire Michael Moritz commit $25 million.

The Istanbul-based company will probably reach unicorn status -- a term for startups that pass the $1 billion mark -- in the next investment round, the people said. The company has taken 5 1/2 years to crack the latest valuation, making it one of the fastest expanding startups from Turkey.

With operations in 10 Turkish cities including Istanbul and Ankara, the company is targeting Sao Paulo and Mexico City after London, co-founder Nazim Salur said in an interview last year.

In Turkey, Getir competes with more than a dozen grocery delivery startups including istegelsin.com, owned by Yildiz Holding AS, Delivery Hero SE’s banabi, and Migros Sanal Market, a unit of Migros Ticaret AS.