Grocery app Getir, once worth $11.8 billion, sees valuation almost halved with new funding, sources say
But its valuation has been almost halved to around $6.5 billion, from $11.8 billion.Sequoia-backed rapid-grocery startup Getir has raised around $500 million in a deal that cuts its valuation almost in half, industry sources said, as the broader sector struggles with changing consumer habits and a tough funding environment., has raised $300 million from Emirati wealth fund Mubadala at a valuation of around $6.5 billion, three sources with knowledge of the deal told Insider.
The deal is a 45% markdown on the $11.8 billion price tag that was placed on Getir during its last fundraise in March 2022. Getir could have been valued even lower but the deal came with a high liquidation preference, the sources added. Founded in 2015, Getir gained momentum as the COVID-19 pandemic broke out and savvy users turned to grocery apps — and the big discounts they offered — to stay fed. In Europe, competitors such as GoPuff, Dija, Gorillas, and many others mushroomed and raised huge amounts of venture capital funding as investors tried to anticipate post-pandemic, longer-term trends.
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