2024-04-29 18:42:25| Engadget
Getir is hightailing it out of everywhere but Turkey. On Monday, the instant delivery startup said it would exit the US, UK, Germany and the Netherlands to serve its Turkish home market exclusively. TechCrunch notes the closures are likely to wipe out 6,000 jobs at the company.
Getir's business model, distinct from traditional shopping services like Instacart (which has problems of its own), involves establishing micro-fulfillment centers in urban areas that carry groceries and household essentials. This often lets them fulfill orders within minutes hence the instant delivery moniker. Once valued at $12 billion, the startup experienced a surge in growth during the pandemic as investors bet on COVID-era consumer shopping habits enduring after lockdowns. So much for that.
This decision will allow Getir to focus its financial resources on Turkey, the company told TechCrunch in a statement. The startup said the markets its exiting made up about seven percent of its revenues.
Even as it slashes jobs and hits the undo button on its global expansion, Getir has secured funding to focus on Turkey. Mubadala (Abu Dhabis state-owned investment firm) and G Squared are reportedly among those financing the Turkish-only pivot.
Getir says its US subsidiary, FreshDirect, which it bought late last year, will continue to operate. But the company suggested to Reuters it was open to offers for its existing assets in the markets its leaving.
The startup was founded in 2015 and exploded in popularity in Turkey. From 2017 to 2023, it raised over $2.3 billion from investors as it sought global corporate conquest, scooping up smaller competitors along the way. TechCrunch says that, in early 2023, Getir had 32,000 employees.This article originally appeared on Engadget at https://www.engadget.com/getir-is-getting-out-of-everywhere-but-turkey-164225714.html?src=rss
Category:
Marketing and Advertising
Latest from this category |
|
|
