Official website: 10 minutes to arrive
According to foreign media reports, on January 15, Turkish grocery delivery service company Getir received US $ 38 million in Series A financing. This round of financing was led by Silicon Valley venture investor Michael Moritz.
Michael is a partner at Sequoia Capital. After visiting Getir’s headquarters in Istanbul, Michael decided to personally inject $ 25 million into it. He said that the reason for the personal capital injection is that Turkey is not within the geographical scope of Sequoia Capital. The remaining $ 13 million in this round of financing came from anonymous Brazilian and Turkish investors.
Getir was founded in 2015 and is headquartered in Istanbul, Turkey’s largest city. In Turkish, Getir means “bring”. The platform sells everything from fruits, vegetables, bread, snacks to toothpaste, charging cables, cat food, etc., and the price is only slightly higher than the supermarket price. At first glance, this model is similar to JD.com’s home. The difference is that the Getir platform seems to deliver goods faster.
Getir interface Source: APP screenshot
“We are making laziness popular,” said Getir co-founder Nazim Salur. “It’s like buying a servant for $ 1,2”.
It is worth noting that Nazim Salur previously founded BiTaksi, a ride-hailing software with Gett co-founder Mert Salur and Turancan Salur, which has become one of the most popular ride-hailing software in Turkey.
Although it has been in existence for almost 5 years, Getir really began to sing and advance in 2019, which has just ended. According to reports, in the second half of 2019, the platform order volume doubled, and the order volume in December alone was close to 1.5 million. In addition to delivering daily necessities, Getir is also trying out takeaways at its Istanbul base.
In addition to new business attempts, Getir is also trying to expand the geographic reach of its business. Recently, outside Istanbul, Ankara, IranTurkish cities such as Zmir, Bursa and Kocaeli have also been included in their commercial landscape.
Turkey also seems to be unable to accommodate Getir’s ambitions. In mid-2020, Getir plans to enter London and then expand to Sao Paulo, Paris and Mexico City. After entering these regions, Getir may explore tobacco and alcohol products that cannot be sold online in Turkey. “Everything is legal, we can sell it,” Salur told the Financial Times.
A few weeks after the first round of external fundraising, the company’s executives have directly started raising $ 100 million in Series B financing, which aims to fund Getir’s expansion into the international market. And its target valuation may be more than 500 million US dollars.
Salur believes that Getir has no competing products yet, because no other company can deliver 10 minutes. However, according to Observations, Turkey’s largest food and beverage supplier Old Bazaar launched the online supermarket Bakkal in 2017, and its products sold on the platform are similar to Getir. According to local media reports in Turkey, Yemeksepeti, a Turkish takeaway head platform acquired by German company Delivery Hero, also appears to be trying to distribute more categories of goods than food.
Bakkal online supermarket Source: screenshot from the official website
In a country with a population of 80.81 million and a GDP per capita comparable to that of China (close to US $ 10,000), food and beverage retail is one of its important commercial sectors. Data show that in 2017, the total shopping expenditure of Turks was 152.8 billion US dollars, of which 83.8 billion US dollars were in the food and beverage retail sector, accounting for about 55% of the total amount. About 23% of Turk’s annual income is spent on groceries.
In 2018, Turkey was caught in a currency crisis. This crisis caused the Turkish lira to plunge by nearly 30%, and its economy also declined. This recession trend has reversed in 2019, and Getir’s large round of successful financing may be a bit of darkness for the market.
文 | 雅琪 @ 出海
Picture | Pixabay
