Turkish delivery company Getir reportedly in talks to raise new funds at least $7B valuation

According to people familiar with the matter told Bloomberg, Istanbul-based rapid delivery firm Getir is in talks to raise new funds at a valuation of at least $7 billion. 

In late March, Getir had raised $300 million in a funding round led by Sequoia Capital and Tiger Global, at a $2.6 billion valuation, with the participation of seven of eight funds that previously invested in Getir. 

Back in January, the company had raised $128 million in a funding round led by Michael Moritz’s Crankstart Investments and Brazil-based Base Partners, at a $850 million valuation.  

The sources said that Getir is seeking to raise at least $500 million in order to expand in the United States. One person said that the company wants to close the deal by May and also seeks an IPO in New York after two years. 

A representative for Getir declined to comment.

Food delivery companies have seen demand surge during the coronavirus pandemic. Earlier this month, Indian food delivery firm Swiggy raised $800 million at around $5 billion valuation, while Spanish food delivery app Glovo raised $528 million in a Series F funding round.