Fast-growing Turkish grocery delivery app secures $300 million, boosting valuation to a staggering $2.6 billion.

Getir, an ultrafast grocery delivery startup based in Istanbul, has announced its plans to expand into three more European markets - Germany, France, and the Netherlands - with the latest funds. The company's valuation has tripled to $2.6 billion, following a successful Series C funding round worth $300 million.

The highly competitive ultrafast grocery delivery space in Europe has seen a surge of activity over the past twelve months, with many startups raising substantial rounds. Getir's latest round was co-led by Sequoia Capital and Tiger Global. This funding round follows a $128 million Series B that came at a valuation of $850 million in January.

In its home market, Getir faces competition from Delivery Hero, which operates Yemeksepeti for food and grocery delivery. However, in the European markets it has expanded to, Getir will face stiff competition from the likes of Gorillas (which Getir has acquired), Picnic, Amazon Fresh, Knuspr, and delivery platforms such as Lieferando, Uber Eats, and Wolt.

Ten-month-old Gorillas, a Berlin-headquartered competitor, recently raised $290 million at a valuation of over $1 billion. This puts Getir at the forefront as the most valuable startup in the Middle East, North Africa, Turkey & Pakistan.

Getir's expansion into Europe is not limited to the three markets mentioned. The company also has plans to launch in Brazil once the Covid-19 situation there is under control. This makes Getir the second Turkish startup to achieve unicorn status, following Peak Games' acquisition by Zynga for $1.8 billion.

With this latest funding, Getir is well-positioned to challenge the dominance of established players in the ultrafast grocery delivery space and expand its operations globally.

Fast-growing Turkish grocery delivery app secures $300 million, boosting valuation to a staggering $2.6 billion.