Getir hopes to become first Turkish ‘unicorn’

Dunya Executive - - OVERVIEW -

Mobile cab-hailing app Bi-Taksi’s founder, Nazim Salur, is now working to create the first Turkish “unicorn”: a $1 billion startup company. Mobile retailer Getir, which means “bring” in Turkish, also has backing from Arkady Volozh, founder of technology firm Yandex, and online shopping mall Gitti-Gidiyor founder Serkan Borancili.

The startup plans to raise $50 million this year and will go global with the proceedings, Mergermarket reported recently. The instantdelivery retailer aims to grow first in Europe and the Middle East and then expand to other overseas markets. If Getir succeeds in raising the equity it targets, it will be the biggest investment a Turkish startup has ever received. Recently a Turkish fintech startup, Iyzico, raised $15 million, the first to raise such an amount in a single round. The startup has received investment from Amadeus Capital Partners, Vostok Emerging Finance, 212 and International Finance Corporation in its Series C round, closed in early April. If successful, Getir would become the first-ever Turkish unicorn with its origins and operations in Turkey. It plans to raise $250 million in the next round. Claiming to be the world’s fastest mobile retailer, Getir delivers some 600 products, ranging from food, paper towels and ice cream to dog food and shampoo, in Istanbul, 24 hours a day, 7 days a week at an average of 10 minutes. Getir says its app is vital for urban dwellers who need diapers for their babies in the middle of the night or are suffering from a sudden craving for sweets. Salur aims to go global by penetrating London, New York, Shanghai, Dubai, Mexico City, Sao Paulo and Tokyo. Other major cities around the world are to follow.

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