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Struggling grocery startup Getir exits U.S. and Europe, will refocus on Turkey
Grocery delivery startup Getir announced on Monday that it is pulling out of international markets including the U.K., Germany, the Netherlands and the U.S., marking a major setback for the once-hyped online grocery industry.
The Istanbul, Turkey-based firm said in a statement that it would withdraw from the U.S. market. and Europe and will now refocus its financial resources on Turkey.
The company said it raised a new round of investment led by Abu Dhabi sovereign wealth fund Mubadala and venture capital firm G Squared “to strengthen its competitive position in its core food delivery and retail business in Turkey.”
Getir says it generates 7% of its revenue from the U.K., Germany, the Netherlands and the U.S.
“Getir expresses its sincere appreciation for the dedication and hard work of all its employees in the UK, Germany, the Netherlands and the U.S.,” the company said.
The hype of epidemic groceries is fading
Getir was one of the most hyped online grocery delivery companies at the height of the Covid-19 pandemic in 2020 and 2021, when people around the world flocked to online services for their shopping purchases.
The company, founded in 2015, has raised a whopping $1.8 billion to date. Getir is raising $768 million of that in 2022, at a valuation as high as $11.8 billion.
Getir’s valuation has since declined significantly, with the company reportedly seeing billions of dollars wiped off its market value.
Getir is raising funds from major backers including Mubadala, G Squared and former Sequoia Capital partner Michael Moritz, at a valuation of $2.5 billion, according to a September 2023 Financial Times report, citing unnamed sources with knowledge of the matter.
That would mark a hefty 79% discount to the valuation previously disclosed by Getir. CNBC could not independently verify the FT’s report.
A struggling space
Getir’s bright purple and yellow branding has become a common sight on mopeds cruising around town to deliver on-demand groceries in busy cities like London and New York.
Getir’s business, and others like it, rely on a model where groceries are packaged in so-called “dark stores” around major cities in places close to areas with dense urban populations.
Groceries will be packed by staff at Getir stores and then delivered by its group of drivers within minutes. Getir mentions a delivery time of as little as 10 minutes.
Gorillas, another grocery delivery company with a similar model to Getir, faces financial trouble in 2022 as high interest rates and soaring inflation put pressure on its business. The brand was acquired by Getir in December 2022 for $1.2 billion.
