Turkish on demand delivery startup Getir has raised $550m in its latest fundraising round and tripled its valuation to $7.5bn as it reportedly eyes a stock market listing.

The five year old Istanbul-based business, which launched in London in February 2021, plans to use the fresh funding to launch its service into the US and roll out across Amsterdam, Berlin and Paris according to The Times.

The financing round has now valued Getir at more than both Deliveroo and Morrisons and the businesses’ founder Nazim Salur said that he intended to float the fast-growing business on a stock exchange “within two years”.

In its most recent fundraising round, Getir was backed by DisruptAD and Mubadala Investment Company, parts of Abu Dhabi-based sovereign wealth funds, as well as Silver Lake, the Silicon Valley fund.

Salur has also dismissed the rise of on-demand grocery delivery as a purely pandemic-related phenomenon, claiming Getir’s growth in Turkey was higher when restrictions were lifted. 

The firm competes with the likes of Deliveroo and Just Eat, as well as services launched by established grocers such as Ocado Zoom and Sainsbury’s Chop Chop. 

As first reported by Retail Week, Tesco has also started trials of a one-hour delivery service called Whoosh in Wolverhampton. 

Alongside third party delivery apps and the supermarket’s own services, Getir is one of a number of new entrants into this market spurred by the pandemic. The names include Dija, Gorillas, Gopuff, Fancy, Zapp and the Berlin-based instant grocery rival Flink, which has just raised $240 million six months on from its inception.

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