Getir exits international markets, focuses on Turkey amid valuation losses

Grocery delivery startup Getir has announced that it is withdrawing from international markets, including the UK, Germany, Netherlands and US, marking a significant setback for the online grocery industry. The Istanbul-based company said in a statement on Monday (20 February) that it will refocus its financial resources on Turkey following a new investment round led by Abu Dhabi’s sovereign wealth fund Mubadala and venture capital firm G Squared to “bolster [its] competitive position in [Turkey’s] food and grocery delivery businesses”.
The company added that it generates 7% of its revenues from the UK, Germany, Netherlands and US. Getir expressed gratitude for the efforts made by all employees working in these countries during this transition period. The news comes after a turbulent year for online groceries following an influx of demand as people around the world turned to internet-based purchasing platforms because of coronavirus lockdown restrictions since 2019 and early 2020.
Getir, which was founded in 2015, has raised $1.8bn so far, with more than three quarters of that figure secured last year when its value hit an astronomical $11.8bn at the height of the pandemic’s impact on retail operations around the globe – but recent valuation losses are estimated to be worth billions of dollars for Getir as it seeks new investment from Mubadala and G Squared. According to a September 2023 Financial Times report, citing anonymous sources with direct knowledge of internal affairs at the company, its value has dropped by around three quarters since last year’s peak – down to $2.5bn now versus previous reports in 2021 when Getir was worth approximately four times more than it is currently estimated for by experts who follow such matters closely.
Getir’s distinctive purple and yellow branding became a familiar sight on mopeds delivering groceries quickly across major cities like London, New York and Berlin over the past two years as its business model – dubbed “dark stores” or “ghost kitchens” where merchandise is packed in local warehouses close to urban populations with high population densities before being transported by drivers within minutes of an order’s placement – gained popularity.
Another company operating on a similar premise, Gorillas, also experienced financial difficulties last year as interest rates rose and inflation soared across the globe, prompting it to be acquired for $1.2bn (£960m) by Getir in December 2022.