Walmart remains the US Fortune 500 #1 company, which gives a hint of why grocery shopping has attracted so much attention and capital from the venture community over the last two decades. The most recent attempts to disrupt the shopping experience includes multi-billion brands like Rappi, Instacart, Postmates and Delivery Hero – all massive logistics-enabled delivery networks. Despite operating tangentially to the retail industry, all of these are aggregators – not retailers.
Earlier this year we met Nazim Salur, a Turkish entrepreneur who created BiTaksi – the leading taxi app in Turkey. With so many BiTaksi drivers on the streets, getting to a customer was incredibly fast and the company quickly grew. Nazim thought “If I can get customers taxis in 3 minutes, can’t I get them other useful items in 10 minutes?”. The answer to that question turned out to be Getir, the first mobile retailer in the world that delivers everyday items in 10 minutes. Every decision since its inception has revolved around this one condition: 10 minutes. While most logistic companies and retailers aspire to one-hour deliveries, Getir makes 10 minutes a reality. The question we asked ourselves when we met Nazim was if/how that was even possible.
Getir operates dark fulfillment centers which are connected to the user through Getir’s app, allowing for the 10 minutes delivery. Besides disrupting the user experience, Getir is changing how brands do marketing: products are now only 10 minutes away from household penetration and consumption.
Here are the reasons why we are so excited about Getir’s full stack online retail model:
1. Direct purchase of inventory from CPGs enables 50%+ gross margins;
2. Franchise-operated fulfillment centers translates into more capital efficiency; and
3. 10-minute value prop drives addiction, high engagement and increasingly lower delivery costs.
Getir currently operates over 130 fulfillment centers in Turkey. Besides Istanbul, the company is also present in 4 other Turkish cities.
We are thrilled to partner with Nazim and looking forward to doubling down as he takes the company global.