Turkish Delivery App Getir Seeks To Raise $500M At $7B Valuation: Bloomberg

Turkish retail delivery app, Getir is planning at least $500 million at a minimum valuation of $7 billion to fund its U.S. expansion, Bloomberg reports.
Getir is aiming for a U.S. initial public offering after two years.
Startups like Getir and Berlin’s grocery delivery app Gorillas speedily reached billion-dollar valuations from the pandemic induced demand surge.
London’s Deliveroo partnered with grocer Waitrose to expand its delivery service to 150 shops across the U.K. by the end of the summer.
U.S. food delivery company DoorDash Inc (NYSE: DASH) is also seeking acquisitions in Europe.
Earlier this year, Getir initiated its overseas expansion in London. It plans to start operations in Brazil in the second half of this year, depending on the pandemic.
Some of Getir’s existing investors have expressed interest in joining the deal.
Getir last raised $300 million in March at a $2.6 billion valuation in a Sequoia Capital and Tiger Global-led funding round.