Getir, the popular instant delivery company from Turkey, has announced that it will be shutting down its operations in the U.S., U.K., and Europe as it refocuses on its home market. This decision comes as a result of the challenging landscape in the quick commerce industry, which has seen the company face financial difficulties despite its previous success.
Once valued at nearly $12 billion, Getir has raised billions of dollars and made strategic acquisitions in an attempt to establish itself as a market leader. However, the aggressive expansion strategy during the pandemic, including acquisitions of competitors like FreshDirect and Gorillas, did not yield the desired results, leading to the decision to pull back from international markets.
The closures are expected to impact approximately 6,000 jobs across the affected regions, with layoffs already taking place in the U.K. and Germany. Despite these setbacks, Getir has received a new infusion of investment to support its operations in Turkey, with investors like Mubadala and G Squared leading the latest funding round.
The struggles faced by Getir are indicative of the challenges within the instant delivery market, with competitors like Flink also raising money to survive in a tumultuous landscape. The company’s decision to focus on its home market underscores the difficulties in achieving profitability in multiple geographies, highlighting the ongoing turmoil in the industry.
