In a surprising twist, Turkey’s grocery delivery company, founded as a startup in 2015, has pulled out of several major markets including the US and the UK to focus on its home country. Fueled by billions in funding and strategic acquisitions, Getir had spent a number of years expanding aggressively to the point that it was considered a market leader in many markets.
The decision to stop trading in the US, UK, and Europe, as reported by TechCrunch, has come as a shock, with the company previously valued at nearly $12 billion. Reports suggest that Getir’s decision to retreat from major markets to focus on operations within Turkey is a result of a poor quick commerce delivery, with fewer people spending on near-instant deliveries of groceries.
Getir is now victim to the very factors that propelled its business to success in the first place – consumers increasingly turned to online shopping for convenience and safety during the pandemic, but shopping habits are now returning to pre-pandemic norms. The widespread closures are expected to impact approximately 6,000 jobs, although the company asserts that only 7% of its revenue would be affected.
Getir retreats to Turkey
Of the 6,000 or so job cuts, around 1,500 are expected to be centered in the UK. Other heavily affected markets will likely include Germany, where the company acquired Gorillas in 2022, and the US, where Getir acquired FreshDirect in late 2023. In a statement, Getir said: “This decision will allow Getir to focus its financial resources on Turkey.” Despite the setback, Getir has announced a new injection of cash for the Turkish market with investments from Mubadala and G Squared – two companies that have already previously backed the company.
