Getir triples valuation to £5.3bn as it secures funding boost

Rapid grocery delivery firm Getir has tripled its valuation to 7.5 billion dollars (£5.3 billion) after securing more funds to drive its ambitious expansion plans.

The Turkey-based company entered the competitive UK delivery market earlier this year, launching in London with plans to expand to more cities across the country.

On Friday, Getir said that it secured more than 550 million dollars (£389 million) from investors as part of a series D funding round.

It is the third investment round by the company this year and saw it secure funds from investors including Silver Lake, DisruptAD, and Mubadala Investment Company.

The company said the funds will be used to drive its growth plans, as it prepares to expand into Paris and Berlin “in the next few weeks”.

It said it also plans to launch in more cities across the UK and is targeting growth into some cities across the US in the last quarter of this year.

Nazim Salur, founder of Getir, said: “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. As the pioneers of the market, we continue to stand out by constantly innovating to provide the industry standard.”

Getir was founded in 2015 and is one of the oldest in the last-mile grocery delivery category, which has grown sharply over the past year amid fierce competition from the likes of Gorillas, Zapp and Weezy.

It says it can deliver to customers in as little as 10 minutes, offering a selection of 1,500 everyday products, seven days a week.