Getir rapid-delivery app plans to expand across US in 2022
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London: A Getir scooter
Getir
New Yorkers noticed couriers dressed in yellow and purple riding around on mopeds.
These couriers can be found also in Boston and Chicago, transporting groceries to Getir for quick-delivery.
Getir, a Turkish grocery store, was established six years ago in Istanbul. They aim to bring everyday items to your front door in less than 10 minutes.
It has expanded its reach to Europe this year and competes against Zapp and Gorillas. It will now be more concentrated on America next year as it faces a new competition.
One U.S.A. is equal to every other [of]Europe,” Getir CEO Nazim Salur, who is also co-founder of Getir, told CNBC during an interview that Europe was the most suitable place to start-ups.
Salur explained that “a great basketball player wants to play for the NBA, and the NBA’s in the U.S.” We played in Turkey basketball and the EuroLeague. Now it is time for us to prove our talents and make it to the NBA.
Salur stated that Getir will expand in “many more” U.S. towns by 2022. Although he declined to provide a number, he stated that it would “definitely” exceed 10.
To give you an example, London opened 10 months back and we are in 16 U.K. locations today,” he stated, noting that the U.K.’s market is five times larger than the U.S.
The U.S. has stiff competition
Getir’s nearly 30.000 employees around the world will have to compete with much larger American companies.
Firm that delivers food DoorDashThe company, with a five-fold valuation, launched its own quick-delivery service. UberAlso, he is involved in experiments. AmazonThe world’s largest e-commerce firm, i.e., Amazon, may also be interested in the market.
Salur indicated that other companies are also coming to our region. Salur said that DoorDash is one of the bigger companies in the area.
Another new wave of fast-delivery businesses is trying to take a bite of the market.
Many startups that offer rapid delivery services in New York have emerged recently.
He said, “They’re very new and they’re far more experienced.” We don’t think the competition will bother us.”
Supported by large pockets
Getir raised more than $1 billion to expand its business. Investors most recently valued the company at $7.7billion.
Salur indicated that Salur plans to increase the capital raised by his company in 2022.
Salur stated that “others raise in panic most often and the investors set the rules.” “When we raise money, it’s mostly at our terms.
Salur refused to reduce his share in the company and said that Getir would not accept more money than is necessary.
Getir was supported by major investors like the New York venture capital firm Sequoia and Tiger Global in New York. However, not all are willing to place bets about rapid-delivery businesses.
Christian Angermayer regularly invests alongside startups PalantirCNBC spoke with Peter Thiel about his co-founder, who said he isn’t bullish for rapid-delivery companies.
He said, “It is very difficult to get the sector’s unit economics working in this industry and only a handful will survive.” “I find that the current valuation of such companies is exaggerated.”
Salur intends to make the company publicly listed in New York. This could be as soon as 2023 or next year according to Salur.
Salur stated that while we would IPO when it is time, Salur also said that they want to remain at the helm for the company’s long-term if circumstances permit.
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