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(Bloomberg) – Turkish grocery delivery app Getir is looking to raise capital at a valuation of $ 12 billion as part of a funding round launched by its existing investors, according to a person with knowledge of the matter.

Getir, valued at $ 7.7 billion last year, aims to raise more than $ 1 billion to fund its overseas expansion, said the person, who asked not to be named as the deliberations are confidential. It has already secured backing from companies such as Silver Lake, Tiger Global, Sequoia Capital and Mubadala Investment Co.

A spokesperson for Getir declined to comment. Mergermarket previously reported details of Getir’s planned fundraiser.

The Istanbul-based company, which raised a total of $ 1.1 billion through several fundraising rounds from investors last year, has become one of the most valuable rapid delivery startups. Its US rival GoPuff is valued at $ 15 billion.

Getir, co-founded in 2015 by Nazim Salur, rose to fame last year after raising just $ 38 million in 2020. If it achieves the valuation it seeks, Getir will be Turkey’s second most valued startup after Alibaba Group Holding Ltd. Backed by Trendyol, which hit the $ 16.5 billion level last year.

Its rapid global expansion saw the launch of Getir recently in Chicago and New York, following the UK, Germany, the Netherlands, France, Italy, Spain and Portugal in 2021.

The company, formerly known as Getir Perakende Lojistik AS, has also acquired additional assets in Turkey, Spain and the UK. It is said that his next destination in the United States is Boston.

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