Benzinga | Apr 30, 2021 01:04PM EDT

Turkish Delivery App Getir Seeks To Raise $500M At $7B Valuation: Bloomberg

* Turkish retail delivery app, Getir is planning at least $500 million at a minimum valuation of $7 billion to fund its U.S. expansion, Bloomberg reports.

* Getir is aiming for a U.S. initial public offering after two years.

* Startups like Getir and Berlin's grocery delivery app Gorillas speedily reached billion-dollar valuations from the pandemic induced demand surge.

* London's Deliveroo partnered with grocer Waitrose to expand its delivery service to 150 shops across the U.K. by the end of the summer.

* U.S. food delivery company DoorDash Inc (NYSE: DASH) is also seeking acquisitions in Europe.

* Earlier this year, Getir initiated its overseas expansion in London. It plans to start operations in Brazil in the second half of this year, depending on the pandemic.

* Some of Getir's existing investors have expressed interest in joining the deal.

* Getir last raised $300 million in March at a $2.6 billion valuation in a Sequoia Capital and Tiger Global-led funding round.