Rapid grocery delivery firm Getir is targeting a valuation of $12bn as it gears up for a fundraising round to fuel its global expansion, according to reports.
The Turkish firm is looking to raise more than $1bn dollars in a round led by existing investors as it aims to build out its footprint in the US, Bloomberg has reported.
Getir announced in June that it was expanding into North America, France and Germany following a $550m funding round that saw its valuation jump to more than $7.5bn.
The app’s previous backers include Silver Lake, Tiger Global, Sequoia Capital and Abu Dhabi sovereign wealth fund Mubadala Investment Company.
The rapid grocery market has seen a series of mega-rounds in the past year as investors look to capitalise on surging demand for ‘dark store’ delivery companies.
The Istanbul-headquartered company has grown to become one of the most valuable rapid delivery startups globally as its valuation lept to $7.5bn from $850m at the start of 2021, following three rounds of funding between January and June.
US rival Gopuff is valued at $15bn while Berlin-based Gorillas is valued at $3bn , making it Europe’s second largest player in the market.
Research from grocery insight firm IGD in November found that the industry in the UK is expected to grow from £1.4bn to £3.3bn in the coming years. The research found that one in three shoppers in the UK have used rapid delivery services.