Amidst shifting market dynamics, Getir, the Turkish rapid grocery delivery company, secures $500 million in funding, valuing it at $2.5 billion, a significant drop from its 2022 valuation of $11.8 billion. This funding follows its strategic exit from several European markets, reflecting efforts to consolidate resources. Despite challenges in the hyper-competitive delivery space, Getir remains a player with plans for growth.
The global pandemic initially fueled demand for instant delivery services, but many companies in the sector now face funding challenges, acquisitions, or reduced valuations. Getir's latest funding round was led by existing investor Mubadala, with participation from G Squared, Michael Moritz, Revo Capital, and others.
Founded in 2015, Getir revolutionized the delivery landscape, offering ultra-fast grocery and convenience item deliveries. However, as post-pandemic life returned to normal, demand waned. The company grappled with cashflow issues, leading to service closures in select markets and job cuts.
Despite the challenges, Getir's latest funding signals its intent to remain a key player in the evolving instant delivery sector.
