Turkish speedy grocery company Getir has today announced its exit from Italy and Portugal. In June, it pulled out of France, where it filed for bankruptcy, and a week later it exited Spain, leaving thousands of employees across both countries facing redundancy.
In a statement, Getir said its withdrawal from the Italy and Portugal “will allow it to focus its financial resources on existing markets where the opportunities for operational profitability and sustainable growth are stronger”. It will continue to operate in five markets — the UK, the US, Germany, the Netherlands and Turkey — which it says generate 96% of the company’s revenues. At its peak in 2022, Getir was present in nine markets.
Sifted understands that Mubadala is in advanced discussions with Getir to lead a new funding round. Those discussions are expected to finalise in coming weeks. Getir has raised $1.8bn to date, from investors including Tiger Global, Sequoia and Mubadala.
The last two months have been particularly turbulent for Getir: aside from exiting markets, the company’s cash-strapped UK arm has been scrambling to shut warehouses and auction off mopeds and fridges to save cash and pay off suppliers. It even asked volunteers from its London office to go door-knocking with discounts and free merch to boost sales.
A spokesperson for Getir told Sifted at the time that "it is normal to sell excess inventory and go door-to-door to promote our brand to customers".
Speedy delivery struggles
The speedy grocery sector has taken a blow in the last 18 months as inflation and the sharp decline of VC funding left many companies unable to reach profitability.
Getir scooped up its struggling German competitor Gorillas in a rescue deal in December 2022. The Turkish company was later reported to be in talks to acquire another German rival, Flink, though insiders told Sifted that the negotiations quickly fell through. Getir declined to comment at the time.
Update, July 28 2023: This piece has been updated to identify the investor leading discussions for Getir's next funding round.
