TURKEY – Getir, a leading Turkish grocery delivery company, has secured US$768 million in a Series E funding round to support its growth ambitions.
The funding, which brought Getir’s total capital raised to $11.8 billion, was led by Abu Dhabi investment firm, Mubadala Investment Company.
The round also included participation from Abu Dhabi Growth Fund (ADG), Alpha Wave Global, Sequoia Capital and Tiger Global.
Founded in 2015, Getir has a presence in 81 cities in Turkey and 48 cities across Europe and the US.
The company, which has grown to a total network of 1,100 g-stores around the world, will use the funds to continue its growth within the countries it operates.
Getir’s founder, Nazim Salur, said: “We are defining the ultrafast delivery sector and this latest round of funding is a testament to Getir’s position as 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.”
Getir’s series E funding round comes as the grocery delivery sector continues to enjoy robust growth as more consumers purchase food online.
It is growing because of the convenience, variety, and cost available at the touch of a button. Major cities have been the epicenter of this market, especially as smartphones have become ubiquitous.
Investments in the industry have been significant, and several mergers and acquisitions have already happened in the food delivery space, further driving market growth.
In 2020, the last-mile delivery market for food and grocery earned a revenue of approximately US$25 billion, according to a report by research and markets.
This is expected to cross US$72 billion in 2025, accounting for the surge in the market due to the COVID-19 pandemic.
Ibrahim Ajami, Mubadala’s head of ventures and growth, added: “Groceries represent one of the largest offline to online opportunities globally, led by fast-changing consumer habits which have accelerated online purchasing adoption.
We believe Getir will continue to prove to be an industry leader as it expands into new categories and geographies.”
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