Getir, the Turkey-based grocery delivery company, is raising $500mn in a deal that prices one of the hottest start-ups of the pandemic at less than a quarter of its value 18 months ago.
Getir’s latest investment will value the company at $2.5bn, after taking the new money into account, according to people familiar with the matter. It had been valued at as much as $11.8bn when it raised funds in early 2022.
The new equity funding round, which is expected to close later this month, is led by existing shareholders including the Abu Dhabi wealth fund Mubadala Investment Company, venture capital group G Squared and prominent investor Michael Moritz, who recently left Sequoia Capital after almost 40 years at the Silicon Valley firm, these people said.