Turkish rapid delivery groceries start-up Getir ‘in talks to raise additional $100mn in funding’

Turkish rapid delivery groceries start-up Getir ‘in talks to raise additional $100mn in funding’
Getir aims to be a billion-dollar company within one year.
By Akin Nazli in Belgrade February 10, 2020


Turkish rapid delivery groceries start-up Getir (“Bring”) is in talks to raise at least $100mn of additional funding as it plans to expand into the UK and South America, co-founder Nazmi Salur has told Bloomberg.

The company aims to reach a $1bn market value within one year and it is targeting a tripling of its sales to $360mn in 2020 from $120mn in 2019 and $50mn in 2018, according to Salur.

Last month, Getir  attracted $38mn in funding from a group of Turkish and foreign investors led by venture capitalist Michael Moritz.

In February 2016, the co-founder of Russia's leading internet company Yandex, Arkady Volozh, invested personal funds in two startups, Israel-based NeuroSteer and Getir.

Istanbul-based Getir has raised a total of $70mn since it was established in 2015.

It currently operates in the Turkish cities of Istanbul, Ankara, Bursa, Izmir and Izmit and it initially plans to expand into London, Sao Paulo, Paris and Mexico City.

At home, Getir competes with Yildiz Holding’s istegelsin.com, Delivery Hero’s banabi and Migros’ Migros Sanal Market.

Glovo exiting

Last month, Spain-based on-demand delivery start-up Glovo announced that it was exiting Turkey, Egypt, Puerto Rico and Uruguay as part of its drive to hit profitability by 2021. Glovo launched its Turkey operations as recently as 2018. Last year, the company served more than 500,000 customers in Turkey’s three largest provinces, Istanbul, Ankara and Izmir.

Glovo did not explain exactly why it decided to end its Turkey operations.

Delivery services is a lucrative business in Turkey.

Online food takeaway company Yemeksepeti says it delivers more than 400,000 orders in a single day while Getir handled over 1.5mn orders in December alone.

Back in 2015, Delivery Hero bought Yemeksepeti for nearly $590mn.

Turkey’s digital fast-moving consumer goods market accounts for 0.3% of the country’s total FMCG market of around $100bn, according to Salur.


Major external financing obtained by Turkish borrowers
    Total Renewal Maturity Tranche Cost Tranche Cost
    (mn) Rate (days) 1 1 2 2
Jan-20 Borusan EnBW $74 EBRD, ICBC          
Jan-20 Getir $38 Moritz $25mn Crankstart $13mn      
Dec-19 Garanti $133   6-year IFC, OeEB, GGF    
Dec-19 Garanti $300   3-year Export Import Bank of China    
Dec-19 Asyaport $24 EBRD, IFC          
Dec-19 Migros TRY31 EBRD Purchase of local bonds issued total of TRY200mn
Dec-19 May Seed €10 EBRD     TLREF    
Dec-19 TKYB €45 KfW 40-year solar energy    
Dec-19 QNB Finansbank $457 new 367 $59 3-year 1-day $150 €184 3-year 1-day €40
Dec-19 ISMEP $300 AIIB          
Dec-19 Denizbank $1,100 fresh syndicated   Libor+2.25%   Euribor+2.10%
Dec-19 En. Ministry $200 IBRD, CTF          
Dec-19 Enerjisa $100 EBRD     TLREF TRY-denominated  
Dec-19 TKYB $200 AIIB 15-year        
Dec-19 Ceyport €18 EBRD          
Dec-19 oBilet $4 EBRD equity financing      
Dec-19 Turkcell €500   8-year 3-year grace China Development Bank
Nov-19 Mersin €17 AFD          
Nov-19 Vakifbank $580 82% 367 $240 Libor+2.25% €309 Euribor+2.10%
Nov-19 Vakifbank $150   3.5-year project loan-backed funding
Nov-19 TuREEFF $350 EBRD, EU since 2015 Energy Efficiency Garanti,Seker,Is,YapiKredi
Nov-19 Central bank $5,000 Qatar Raising $3bn August 2018 swap deal
Nov-19 Garanti $802 87% 367 $230 Libor+2.25% €519 Euribor+2.10%
Nov-19 Finansleasing €50 EBRD          
Nov-19 Istanbul M. €40 BSTDB 7-year   2.5-year grace    
Nov-19 Istanbul M. €198 BNP Paribas 11.3-year   1.8-year grace  
Nov-19 Istanbul M. €80 BNP Paribas 7-year   2.5-year grace  
Nov-19 Eximbank €500   1-year   Libor+2.35%   Euribor+2.25%
Nov-19 Sisecam €100 EBRD 2-year grace Euribor+2.4%
Nov-19 Istanbul M. €86 AFD 10-year   3.5-year grace    
Nov-19 TSKB €85 AFD          
Nov-19 Isbank $820 84% 367 $215 Libor+2.25% €545 Euribor+2.10%
Oct-19 TEB $401 75% 367 $62 Libor+2.25% €306 Euribor+2.10%
Oct-19 Yapi Kredi $950 91% 367 $370 Libor+2.25% €520 Euribor+2.10%
Oct-19 Trakya Cam €200   3-year €175 Euribor+2.65% €25 Euribor+2.95%
Oct-19 Istanbul €110 Deutsche Bank 5-year 2.5-year grace  
Oct-19 Vakifbank $417 securitization 7-year   3-year grace    
Oct-19 Istanbul €86 AFD          
Sep-19 Akbank $810 83% 367 $402 Libor+2.25% €374 Euribor+2.10%
Sep-19 Vakifbank $140 China 1-year        
Sep-19 TKYB €14 KfW 20-year        
Sep-19 Isik Organic €16 EBRD          
Sep-19 TSKB $200 China Development Bank        
Aug-19 Istanbul €73 BSTDB 7-year   3-year grace  
Aug-19 Istanbul €98 EBRD 7-year   3-year grace  
Aug-19 ING Turkey $305 49% 367 $96 Libor+2.50% €190 Euribor+2.40%
Aug-19 Educ. Min. €268 IBRD          
Jul-19 TSKB $177 80% 367 $68 Libor+2.00% €98 Euribor+2.00%
Jul-19 Efeler $350 AIIB, $100mn EBRD, $60 TSKB$50 Isbank, $90mn BSTDB, $20 ICBC Turkey, $30mn
Jul-19 Ilbank €500 World Bank 30-year 5-year grace    
Jun-19 Eximbank €180 ING Bank 5-year   3-year grace    
Jun-19 Suez-Altas TRY57.5 EBRD          
May-19 Eximbank $350 ICBC 2.8-year   2.8-year grace    
May-19 TSKB €50 EBRD          
May-19 Isbank $1,030 69% 367 $324 Libor+2.50% €645 Euribor+2.40%
May-19 Garanti $784 63% 367 $326 Libor+2.50% €409 Euribor+2.40%
May-19 Railport $60 EBRD, ICBC Turkey          
May-19 Yapi Kredi $1,000 77% 367 $350 Libor+2.50% €607 Euribor+2.40%
Apr-19 Sarten Ambalaj €25 EBRD          
Apr-19 Vakifbank $1,100   367 $280 Libor+2.50% €724 Euribor+2.40%
Apr-19 Turksat $325 UK Export Finance        
Apr-19 Finance Ministry €150 AFD          
Apr-19 Ziraat Katilim $250   367        
Apr-19 Eximbank $630   1-year, 2-year $184 Libor+2.75% €398 Euribor+2.65%
Apr-19 Eximbank $84 Mitsubishi 2-year $50 2-year grace €30 2-year grace
Mar-19 Ziraat $1,422 Emirates NBD 1-year $470 Libor+2.50% €849 Euribor+2.40%
Mar-19 Akbank $700   367 $356 Libor+2.50% €303 Euribor+2.40%
Mar-19 Arcelik TRY1,000 EBRD          
Mar-19 TWF €1,000 Coordinator: Citi, ICBC 2-year   Euribor+2.75%    
Mar-19 Ziraat $75 NCB 1-year        
Feb-19 Ziraat $50 NCB 1-year        
Feb-19 Migros TRY40 EBRD Purchase of local bonds issued total of TRY200mn
Feb-19 Ziraat $100 Citibank 1-year        
Feb-19 Hayat Varlik TRY100 EBRD          
Feb-19 State Hydro Works $222 IBRD          
Feb-19 Tam Faktoring TRY100 EBRD          
Feb-19 Istanbul Municipality €100 Societe General 11.5-year   2-year grace    
Jan-19 State Forestry $8 IFAD          
Jan-19 Eximbank $500 Citibank 5-year   5-year grace