Rapid Delivery Startup Getir Nears New Funding at $11.8 Billion Valuation
(Bloomberg) -- Turkish grocery-delivery startup Getir is nearing a deal to raise roughly $800 million in a funding round featuring a $250 million check from lead investor Mubadala Investment Co. that values the company at about $11.8 billion, according to people with knowledge of the matter.
Rick Gerson’s firm Alpha Wave Global, previously known as Falcon Edge Capital, is set to join existing investors including Mubadala; Abu Dhabi’s state holding company ADQ; Sequoia and Tiger Global in the new round, said some of the people, requesting anonymity because the talks are private.
Representatives for Getir, Mubadala, Alpha Wave, Tiger Global and Sequoia declined to comment. A spokesperson for ADQ wasn’t immediately available.
Istanbul-based Getir’s projections for investors show that earnings before interest, taxes, depreciation and amortization may grow to $3.5 billion by 2025, after a loss of more than $1 billion in 2022. Larger, publicly traded rival DoorDash Inc. is projected to boost Ebitda to $1.9 billion by 2025 from $289 million last year, according to data compiled by Bloomberg.
Getir, launched in 2015 and led by Chief Executive Officer Nazim Salur, had aimed to raise more than $1 billion at a $12 billion valuation, Bloomberg News reported in January. It was valued at $7.56 billion in June.
Other projections by Getir:
- Total of transactions on the platform may reach $73 billion by 2025 from about $2.4 billion at the end of 2021, according to a document reviewed by Bloomberg News. DoorDash’s gross merchandise value is projected to reach $48.6 billion in 2025, research from Edge By Ascential shows.
- Getir sees promotion expenses of 12%. By comparison, retail consultant Brittain Ladd said in October that discount rates at grocery startups are reaching about 30%.
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