Getir raising $500M at a dramatically lowered $2.5B valuation

Getir, the Istanbul-based rapid grocery service is raising $500 million at a valuation of $2.5 billion, according to a report filed by the ft’s Ivan Levingston and George Hammond. The investment would value the company at $2.5 billion a figure dramatically reduced from the company’s heady 2022 days when it was valued at $11.8 billion.

Expected to close later this month, the raise is reportedly led by existing investor Mubadala, with participants including G Squared and recent Sequoia departee Michael Moritz, who, alongside Revo Capital, was involved in the company’s Series A round.

Market Consolidation

The raise, and subsequent slashing of the company’s valuation arrives just over a month since the company announced that it would exit the Portuguese, Spanish, and Italian markets.

Earlier this year reports surfaced that the seemingly vertical leader was in talks to acquire German competitor Flink, also a Mubadala portfolio company, which would have given Getir an almost monopoly on the European grocery delivery market, following a series of acquisitions, most notably, the $1.2 billion acquisition of Gorillas.

The deal with Flink never materialised.

Since late December 2017, Getir has been on record raising $1.8 billion from some 28 investors including Tiger Global, Sequoia, Silver Lake, Base Partners, and Goodwater Capital.

Lead image: Metin Ozer