Turkish delivery firm Getir says it has raised $128 million for expansion

ISTANBUL (Reuters) - Turkish rapid delivery company Getir said on Tuesday it had raised $128 million for international expansion in a funding round valuing the company at about $850 million.

Istanbul-based Getir says it delivers more than 1,500 varieties of groceries to millions of people in Turkey in an average of 10 minutes and has said it aims to offer services abroad, initially in London, Sao Paolo, Paris and Mexico City.

“Getir intends to use the new funds to couple exponential growth in Turkey with international expansion,” Getir said in a statement, which also said its revenues had grown five-fold in 2020 and doubled its coverage footprint.

Two sources told Reuters this month Getir had reached a deal in principle to secure more than $100 million in funding and that it would be used to finance growth in Britain.

The start-up said a year ago it had attracted $38 million in funding from Turkish and foreign investors led by venture capitalist Michael Moritz.

The latest financing was led by Moritz’s Crankstart Investments and Brazilian Base Partners and included Tiger Global, Goodwater Capital in the United States and Esas, Fiba and Revo in Turkey, Getir said.

The company, established in 2015, is currently active in 18 Turkish cities, including Istanbul, Ankara and Izmir.

Reporting by Ebru Tuncay; Writing by Daren Butler; Editing by Tuvan Gumrukcu and Gareth Jones