TURKEY – Getir, a pioneer in the ultrafast grocery delivery market, has raised more than US$550 million in a Series D funding round even as it continues with its ambitious expansion plans.
The company which is reported to now have a valuation of US$7.5 billion has already set up shop in London, the UK and in Amsterdam, the Netherlands.
Getir’s couriers are set to hit the road in Paris, France and Berlin, Germany in the coming week, according to a statement from the company.
The recent funding round comes on the heels of the company’s $300 million Series C funding which was announced in March 26th.
It marks Getir’s third round of investment in 2021, with nearly US$1 billion raised since the beginning of the year.
A number of new investors, including Silver Lake, DisruptAd and Mubadala Investment Company participated in the round that is expected to propel Getir into new markets..
The Istanbul-based company particularly has its eyes on the North American market and plans to launch in the US soon.
“Our model and approach to ultrafast delivery is thriving and this latest round of funding further enables us to deliver our best-in-class service to new customers in Europe, the United States and beyond. There is great appetite for Getir and rapid grocery delivery,” said Getir founder, Nazim Salur.
“As the pioneers of the market, we continue to stand out by constantly innovating to provide the industry standard.”
Getir’s ambitious expansion could not have happened at a better date than now when the online grocery delivery market is experiencing explosive growth.
Technavio has been monitoring the online grocery delivery services market and projects that the market is poised to grow by US$631.84 billion during 2020-2024, progressing at a CAGR of almost 29% during the forecast period.
Rising disposable income and people’s increasing inclination toward comfort are anticipated to drive the market over the forecast period.
Online grocery shopping is also gaining popularity among customers owing to the growing preference for a hassle-free shopping experience online.
Furthermore, the outbreak of COVID-19 has led to an increase in the number of customers buying grocery online in order to avoid going to department stores and limit their social contacts.
In its analysis of covid-19 impact on the market, Grand Review Research noted that Covid-19 is expected to change the consumers’ buying behavior and positively impact the market over the long term, presenting further growth opportunities for market players.
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