Istanbul-based grocery delivery app Getir has raised $550 million in a Series D funding round, giving it a total valuation of $7.5 billion.

The start-up, founded in 2015, offers consumers “ultra-fast” deliveries in under 15 minutes.

This brings the company’s total funding for 2021 to $1 billion and is its third funding round in four months.

The company’s total valuation now exceeds that of Deliveroo, Marks & Spencer, and Morrisons, which are valued at around £4.41 billion, £3.08 billion, and £4.26 billion, respectively.

Getir began expansion outside of Turkey in January and will use the capital to fund its upcoming launch in the US market.

The start-up launched in the London in February, plans to roll-out coverage to Manchester and Birmingham within the next few months, and intends to cover 20 UK cities by the end of the year including Bristol, Liverpool and Glasgow.

Investors in the round included Tiger Global and Sequoia Capital, Silver Lake, DisruptAD, and Mubadala Investment Company.

The UK is currently seeing an influx of well-funded start-ups such as Weezy, Gorillas, Dija, and Fancy who are offering hyper quick deliveries.

Established supermarkets in the UK are also beginning to trial fast deliveries; Tesco announced it is set to launch “Whoosh”, a rapid delivery service it says will allow consumers to receive goods in less than one hour the end of May.

"Our model and approach to ultrafast delivery is thriving and this latest round of funding further enables us to deliver our best-in-class service to new customers in Europe, the United States and beyond,” said Nazim Salur, founder and chief executive at Getir.

He added: “There is great appetite for Getir and rapid grocery delivery. As the pioneers of the market, we continue to stand out by constantly innovating to provide the industry standard.”

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