Turkish grocery startup Getir has received $550 million in funding, raising the company’s valuation to a stunning $7.5 billion.
The latest investment round was led by Mubadala, Sequoia, Silver Lake and Tiger Global and it marks the third time the company has raised funding this year. The company was valued at $2.6 billion in May this year.
Getir has built its business model around the fulfillment of grocery orders through dark stores, where ad hoc workers can pick up orders for delivery.
The company’s business has grown at a rapid clip as consumers around the world have embraced digital ordering for groceries over the course of the past year. Earlier this year, the company launched its delivery service in London and Amsterdam and it now has plans to use its funding to expand its offering to Berlin, Paris and various cities across the U.S., CNBC reported.
The company’s expansion efforts will put it in direct competition with players such as Uber, Instacart and DoorDash, which already have an established presence.
“There is great appetite for Getir and rapid grocery delivery,” Nazim Salur, founder of Getir, said today. “As the pioneers of the market, we continue to stand out by constantly innovating to provide the industry standard.”
Getir is, however, not the only player that is vying to cut itself a share of the growing grocery delivery market.
Flink, a Berlin-based grocery delivery startup, announced today that it has raised $240 million in just six months after its launch. The startup is currently operating in 24 cities in France, Germany and Netherlands and caters to a younger demographic.