To concentrate on the Turkish market, the quick delivery business managed to raise more funding.
Getir is fleeing from all places except Turkey. The “immediate delivery” firm announced on Monday that it would only serve its native Turkey market and would be leaving the US, UK, Germany, and Netherlands. According to TechCrunch, the company’s shutdown will probably result in the loss of 6,000 jobs. Unlike typical shopping services like Instacart (which has its own issues), Getir’s business model entails setting up micro-fulfillment facilities in urban areas that stock household basics and food. This frequently enables them to complete orders in a matter of minutes, hence the term “immediate delivery.” The firm, which was once valued at $12 billion, saw a sharp increase in growth during the pandemic as investors gambled that COVID-19 consumer buying behaviors would persist even after lockdowns. That is so much for it.
With this decision, Getir will be able to concentrate its financial resources on Turkey, the firm released a statement to TechCrunch. According to the startup, roughly 7% of its income came from the markets it is leaving. Getir has raised money to concentrate on Turkey even as it cuts employment and halts its worldwide expansion. The Turkish-only shift is apparently being funded, in part, by G Squared and Mubadala, the state-owned investment business of Abu Dhabi. Getir claims that FreshDirect, the US business it acquired in the latter part of last year, will keep running. However, the business informed Reuters that it was accepting bids for its current holdings in the markets it is exiting.
After its founding in 2015, the startup saw an enormous rise in popularity in Turkey. It gathered more than $2.3 billion from investors between 2017 and 2023 in an attempt to conquer the global corporate landscape, acquiring smaller rivals in the process. 32,000 people were employed by Getir as of early 2023, according to TechCrunch.