Skip to content Skip to Search
Skip navigation

Turkey’s Getir exits Europe and US to focus on home market

By Pramod Kumar, Joel Barrick
A Getir delivery driver in the Netherlands, one of the Turkish company's last remaining European markets Reuters
A Getir delivery driver in the Netherlands, one of the Turkish company's last remaining European markets
  • Getir to exit US, UK and more
  • ‘Open to talks’ on assets
  • New funding secured

Turkish grocery delivery startup Getir has announced that it is leaving the European and US markets to focus on Turkey.

Getir had already exited the French, Italian, Spanish and Portuguese markets in 2023, and will now cease operations in the UK, the US, Germany and the Netherlands. These account for 7 percent of its revenue.

A source told Reuters that the company is “open to talks” on what to do with its assets in the markets it is exiting.

Getir said it had secured additional funding from Mubadala and G Squared to increase competitiveness in its home market.

Person, Electronics, Mobile Phone

Newsletter
Get the Best of AGBI delivered straight to your inbox every week

Last week Getir said it planned to sell its Istanbul-based online shopping platform, known as n11, as part of its restructuring strategy, a media report said.

“There are many options on the table being discussed with investors. One of them is the sale option for n11,” Reuters reported, citing an unnamed source.

A Getir spokesperson declined to comment, the report said. 

Getir first bought a stake in n11 in 2022 before acquiring the remaining shares from Turkey’s Dogus Group and South Korea’s SK Planet.

Sky News last week reported that the startup is considering divesting assets such as US online grocer FreshDirect and BiTaksi, a ride-hailing app in Turkey.

In March 2022, Getir concluded a $768 million funding round led by Abu Dhabi’s Mubadala Investment Company that valued the startup at $12 billion.

Other major investors included Abu Dhabi Growth Fund, Alpha Wave Global, Sequoia Capital and Tiger Global.

The company began a global restructuring in August 2023 after withdrawing from Italy, Spain and Portugal last June.

Established in Istanbul in 2015, Getir provides restaurant courier services and on-demand e-grocery deliveries.

Latest articles

PIF's Starbucks shareholdings were cut almost by half from 6.3 million shares to 3.8 million

PIF slashes Starbucks stake as it cuts US stocks by $15bn

Saudi Arabia’s Public Investment Fund (PIF) has slashed its US equity holdings by 42 percent to $20.6 billion, including its stake in Starbucks, the global coffee chain that has suffered calls for a boycott as a result of the Gaza conflict. The latest US government data highlights funding challenges facing the Saudi giga-projects.  The filing […]

Tunisia olives

Soaring olive oil exports help Tunisia balance books

Tunisia’s soaring olive oil exports have almost doubled to close to $1 billion in just five months, helping it claw back its current account deficit.   However the increased revenues merely “paint over the cracks” and the country is still probably heading towards a sovereign default, according to an economic expert. Tunisia’s current account deficit narrowed […]

Iraqi prime minister Mohammed Shia Al-Sudani attends licensing rounds for 29 oil and gas exploration blocks at the oil ministry's headquarters in Baghdad

Falling oil prices deepen Iraq’s fiscal imbalances, says IMF

Iraq’s fiscal imbalances have worsened due to significant fiscal expansion and lower oil prices, according to the International Monetary Fund (IMF). “The ongoing fiscal expansion is expected to boost growth in 2024 at the expense of a further deterioration of fiscal and external accounts and Iraq’s vulnerability to oil price fluctuations,” the Washington-based fund said in […]

Saudi aluminium producer Talco is offering 12 million shares

Aluminium producer Talco announces Saudi IPO

Aluminium producer Al Taiseer Group Talco Industrial Company (Talco) is the latest entity to reveal initial public offering (IPO) plans in Saudi Arabia. The Riyadh-based company, which was set up in 2009, is offering 12 million shares, a 30 percent stake, on the Saudi Exchange (Tadawul) at a nominal value of SAR10 ($2.67) per share. […]