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Turkish rapid delivery groceries start-up Getir (“Bring”) is in talks to raise at least $100mn of additional funding as it plans to expand into the UK and South America, co-founder Nazmi Salur has told Bloomberg.
The company aims to reach a $1bn market value within one year and it is targeting a tripling of its sales to $360mn in 2020 from $120mn in 2019 and $50mn in 2018, according to Salur.
In January, Getir attracted $38mn in funding from a group of Turkish and foreign investors led by venture capitalist Michael Moritz.
In February 2016, the co-founder of Russia's leading internet company Yandex, Arkady Volozh, invested personal funds in two startups, Israel-based NeuroSteer and Getir.
Istanbul-based Getir has raised a total of $70mn since it was established in 2015.
It currently operates in the Turkish cities of Istanbul, Ankara, Bursa, Izmir and Izmit and it initially plans to expand into London, Sao Paulo, Paris and Mexico City.
At home, Getir competes with Yildiz Holding’s istegelsin.com, Delivery Hero’s banabi and Migros’ Migros Sanal Market.
Glovo exiting​. In January, Spain-based on-demand delivery start-up Glovo announced that it was exiting Turkey, Egypt, Puerto Rico and Uruguay as part of its drive to hit profitability by 2021. Glovo launched its Turkey operations as
66​ TURKEY Country Report​ March 2020 ​ ​www.intellinews.com