Grocery delivery startup Getir recently announced its decision to pull out of international markets, including the U.K., Germany, the Netherlands, and the U.S. The Istanbul-based company stated that it will now focus its resources on Turkey after raising a new investment round led by Abu Dhabi sovereign wealth fund Mubadala and venture capital firm G Squared. Getir expressed gratitude for its employees in the markets it is withdrawing from, where it currently generates 7% of its revenues.
At the height of the Covid-19 pandemic, Getir was considered one of the most promising online grocery delivery companies. Founded in 2015, it has raised a significant amount of funding, reaching a valuation of $11.8 billion in 2022. However, reports indicate that its valuation has significantly decreased since then. Getir’s model, like that of similar companies such as Gorillas, involves quick delivery times from local “dark stores” to urban areas.
Gorillas, a grocery delivery competitor, faced financial difficulties in 2022 and was ultimately acquired by Getir for $1.2 billion in December of that year. These developments indicate the challenges faced by companies in the fast-paced online grocery delivery space.
Getir, a grocery delivery startup, has announced that it is pulling out of international markets including the U.K., Germany, the Netherlands, and the U.S. The company will refocus its efforts on its core market in Turkey after facing financial setbacks. Getir was once a highly valued company, raising billions of dollars in funding, but its valuation has since dropped significantly. The company’s business model, which promises delivery in as little as 10 minutes, relies on local “dark stores” to pack and deliver groceries. Similar companies in the industry, such as Gorillas, have also faced financial struggles, with Gorillas being acquired by Getir for $1.2 billion in December 2022.
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