Turkish on-demand delivery firm receives $128M funding

ANKARA

Turkish on-demand delivery pioneer Getir has received a further $128 million in funding from the world’s leading investors thanks to the company's bold approach to the delivery business and aggressive growth.

The value of Istanbul-based Getir rose to $850 million with the fundraise, which will help coupling exponential growth in Turkey with international expansion, according to a statement released by the company on Tuesday.

The financing, led by existing shareholders Michael Moritz’s Crankstart Investments from Silicon Valley and Brazilian Base Partners, included New York-based Tiger Global and Goodwater Capital from Silicon Valley as well as Turkish conglomerates Fiba and Esas, and Revo Capital.

The revenue of the company grew fivefold in 2020, while doubling its coverage footprint, the statement noted.

Getir CEO Nazim Salur said that the company delivers over 1,500 varieties of groceries to millions of people in Turkey per month in an average of 10 minutes.

"In this round, our existing investors have doubled down on the potential of Getir, joining new investors - both international and domestic - to fund local and international growth," Salur said.