Turkish grocery-delivery startup Getir is nearing a deal to raise roughly $800mn in a funding round featuring a $250mn cheque from lead investor Mubadala Investment Co that values the company at about $11.8bn, 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 amortisation may grow to $3.5bn by 2025, after a loss of more than $1bn in 2022. Larger, publicly traded rival DoorDash Inc is projected to deliver Ebitda of $1.9bn by 2025, compared with a loss of $208mn last year, according to data compiled by Bloomberg.
During the pandemic, investors poured money into firms like Getir, Flink and Gopuff, as shut-in consumers sent orders surging. Public food-delivery stocks have plunged since then amid a focus on future profitability and as consumers return to in-person dining and grocery shopping.
Getir, launched in 2015 and led by chief executive officer Nazim Salur, had aimed to raise more than $1bn at a $12bn valuation, Bloomberg News reported in January. It was valued at $7.56bn in June.