In a surprising twist, the Turkish grocery delivery company, founded as a startup in 2015, has pulled out of several major markets, including the US and Britain, to focus on its home country.
The decision to halt trading in the US, UK and Europe, as reported by TechCrunchcame as a shock considering the company was previously valued at nearly $12 billion.
Reports indicate that Getir’s decision to withdraw from major markets and focus on operations in Turkey is due to poor fast delivery of trade, with fewer people spending on near-instant grocery deliveries.
Getir retreats to Turkey
Fueled by billions in funding and strategic acquisitions, Getir had been aggressively expanding for several years to the point that it was considered a market leader in many markets.
The widespread closures are expected to affect around 6,000 jobs, although the company claims only 7% of sales would be affected. In a statement, Getir said: “This decision will allow Getir to focus its financial resources on Turkey.”
Of the approximately 6,000 job losses, around 1,500 are expected to be in Britain. Other hard-hit markets are likely to include Germany, where the company acquired Gorillas in 2022, and the US, where Getir acquired FreshDirect in late 2023.
Getir is now a victim of the very factors that drove his company to success in the first place: Consumers increasingly turned to online shopping for convenience and safety during the pandemic, but shopping behavior is now returning to pre-pandemic norms .
Despite the setback, Getir has announced a new cash injection for the Turkish market with investments from Mubadala and G Squared – two companies that have previously backed the company.
Ny Breaking asked Getir to add further context, but the company did not immediately respond.
