Getir, the rapid grocery delivery service, has reached an $11.8bn (£9bn) valuation, making it worth more than most British supermarket chains.
Backers led by Mubadala Investment Company, an Emirati sovereign wealth fund, have invested $768m in the private business, one of a pack of heavily venture-funded and generally loss-making start-ups which provide “ultrafast” grocery delivery to consumers.
The latest round raises the total invested in Getir, whose name means “bring” in its native Turkey, to $2bn as it seeks to consolidate its position as early market leader. It hopes to become profitable by 2024.
The valuation makes Getir worth more than Morrisons, with a market cap of £7bn, Asda at £6.8bn and Sainsbury’s at £6.2bn.
Getir operates in all 81 cities in Turkey and has expanded into 48 cities across Europe and the United States.
Getir plans to use the new funding to further expand operations, setting up more dark stores and buying smaller rivals. In November, it bought British rival Weezy in the first sign of consolidation in the emerging sector.