Getir has more than tripled its valuation after raising new funding making it more valuable than Morrisons and Marks & Spencer.
The young rapid delivery company, which only began expanding outside of its home country Turkey in January, raised $550 million in new funding dramatically driving up its valuation to $7.5 billion.
This would make Getir, which offers delivery of convenience store items in just 10 minutes, more valuable than the current market leaders Deliveroo and Grubhub, the Financial Times reported.
The latest funding brings Getir’s total over the last four months to $1 billion, which it says it will use to drive rapid expansion across new markets including the US, UK, Amsterdam, Paris and Berlin, after already opening 28 delivery hubs in London recently.
“The reason we raised so frequently is because we decided to go to the US this year rather than later,” Getir’s chief executive Nazım Salur said.
“Suddenly a lot of clones are popping up everywhere. If we don’t take care of business, others will.”
Investors scrambled to get their foot in the door of the fledgling rapid delivery sector, which has exploded since the start of the pandemic.
Earlier this week Ocado’s chief executive Tim Stiener brushed aside growing threats from this flurry of startups including Weezy, Gorilla and Getir.
Despite blitzing Ocado’s current rapid delivery times, Steiner questioned whether the model would remain viable post pandemic.
“Anything that’s come of age during the pandemic, I think you’ve got to take a very careful look at it to say, does it offer a proposition and a value that in a post-pandemic world is going to be attractive?” he said.
However, Getir’s Salur remained confident Gitir’s now widely copied model would soon replace traditional grocery delivery options.
“Scheduled delivery is BlackBerry. We are the iPhone,” he said.
“We are a long-term grocery play. We (will) win the hearts and minds of people with 10 minutes, get under your skin, and then later if people need more from us we can diversify our offerings.”