Ultra-fast grocery-delivery service Getir is considering a massive restructuring that could see it exit from some markets, according to a report on Sky News.
The company, which was founded in 2015 and is based in Turkey, acquired U.S.-based grocery ecommerce company FreshDirect last year. In January of this year, Getir named two new CEOs to oversee the FreshDirect and combined Getir/FreshDirect businesses.
Getir expanded rapidly in Europe throughout 2021 and entered the U.S. in November of that year in three markets: New York City, Boston, and Chicago. At that time, the company said it was valued at $7.7 billion, as investors were apparently counting on the grocery ecommerce trends of the pandemic to persist.
The company, vying with rivals such as Gorillas and GoPuff, promised 10-minute delivery on a selection of about 1,500 everyday items. It was founded by Nazim Salur, who also created BiTaksi, a leading taxi app in Turkey, along with fellow tech entrepreneur Serkan Borancili and CPG veteran Tuncay Tutek.
In its latest potential restructuring effort, some reports in Europe suggested that Getir could exit its operations in Germany, The Netherlands, the U.K., and the U.S., leaving it with operations only in Turkey.
A Getir spokesperson could not be reached for comment.
Last year, the company exited its operations in Italy, Spain, and Portugal, and said it was cutting its workforce by about 2,500 people, or 11% of its total headcount.
After raising $500 million in another fundraising effort last year, reports said the company’s valuation was about $2.5 billion, considerably down from about $11.8 billion in 2022, when some investors viewed it as a potential survivor amid a shakeout among the expanding array of rapid-delivery companies.
In December 2022 Getir acquired rival Gorillas for about $1.2 billion, and in 2023 it was reportedly in discussions to buy German delivery company Flink, before it acquired FreshDirect in the U.S.
