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

Reuters

• 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.

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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.

• Mubadala-backed Getir weighs asset sales
• UAE grocery delivery startup InstaShop buys GroCart
• Food delivery drives Turkish motorbike sales

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.