Turkish on-demand rapid delivery company Getir announced it has secured $128m for international expansion in a funding round.
Valued at $850m
The funding round, led by venture capitalist Michael Moritz’s Crankstart Investments and Brazilian Base Partners, valued Getir at around $850m. With this investment, Getir aims to expand internationally to offer its services initially in London, Sao Paolo, Mexico City and Paris.
Getir launched in 2015 and is currently active in 18 cities across Turkey. It offers shoppers delivery in 10 minutes from a range of over 1,500 products from its mobile app. Shoppers access a cloud-based inventory that gives them real-time access to the retailer’s inventory. This also directs couriers to the nearest warehouse with available product, which limits the distances covered. As well as groceries, Getir also offers delivery from more than 15,000 restaurants throughout Turkey.
In our rapid delivery in Latin America report, we highlighted Getir as an example of a company to learn from. Technology and retail companies in Central and Eastern Europe are investing in online retailing. Retailers are innovating with logistics and fulfilment services to offer shoppers greater convenience. Meanwhile, technology companies are investing in services that provide consumers with shorter delivery times.
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