// Getir is valued at more than Sainsbury’s, the UK’s second biggest supermarket, in it latest fundraising round

// Emirati sovereign wealth fund, Mubadala Investment Company, has invested $768 million in Getir

Rapid delivery service Getir has been valued at $11.8 billion valuation in its latest fundraising round, which gives it a greater market capitalisation of Sainsbury’s, the UK’s second largest supermarket.

Emirati sovereign wealth fund, Mubadala Investment Company have invested $768 million in Turkish firm Getir.

READ MORE: Asda owner unveils plan to overtake Sainsbury’s as UK’s second biggest supermarket

The latest round raises the total invested in Getir to $2 billion as it seeks to consolidate its position as early market leader.

Getir offers thousands of items for rapid delivery to customers. It was founded in 2015 by Nazim Salur.

It currently operates in all 81 cities in Turkey and it delivers close to one million orders a day.

With many rapid delivery players still heavily loss-making as they plough money into promotions to customer acquisition, the valuation of Getir is likely to raise some eyebrows.

Sainsbury’s is the UK’s second biggest supermarket, after Tesco, however fellow Big Four grocer Asda recently revealed plans to overtake it.

Owners the Issa brothers, which bought Asda alongside private equity firm TDR Capital in a £6.8 billion deal almost 18 months ago, plans to leapfrog Sainsbury’s by expanding Asda’s convenience arm.

The billionaire Issa brothers, who made their fortune in garage forecourt business EG Group, have opened 31 Asda convenience stores on EG forecourts and plan to have more than 300.

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