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July 28, 2023

Getir Shifts Focus to exit European Markets Amid Speculations

Getir Shakes Up Europe. Exiting 3 Markets, Supercharging 5

In a surprising move that has ignited speculations across the tech industry, the popular Turkish food delivery company, Getir, has officially announced its exit from Portugal, Spain, and Italy. Amid rumors of financial challenges and near bankruptcy, the start-up has chosen to withdraw from these European countries, citing a strategic shift in its expansion plans. Getir's concise statement has left stakeholders wondering about the reasons behind this decision and what it means for the company's future.

Getir's short but impactful announcement affirmed its intention to withdraw from Portugal, Spain, and Italy in an "orderly manner." However, the company remains committed to its operations in the UK, the US, Germany, the Netherlands, and its home turf, Turkey. The decision to pull back from these markets is driven by a desire to allocate financial resources to existing markets. Notably, these established markets account for 96% of the company's revenues.

While Getir has made it clear that it aims to focus on its current strongholds, the statement doesn't provide in-depth details regarding the rumored funding round or address the recent financial challenges that have cast shadows on the company. The speculations were further fueled by a failed deal to acquire Flink and Getir's recent withdrawal from the French market.

As curiosity mounts around Getir's future funding plans, reports suggest that the company's previous investor, Mubadala, is actively involved in discussions regarding a new financing round. The global investment firm, which has been a Getir investor since 2021, has confirmed its commitment to support the company's growth in the coming years. However, specific details about the funding round remain undisclosed at this point.

Getir's decision to exit Portugal, Spain, and Italy has sparked intrigue within the tech world, leaving many questions unanswered. While the company emphasizes a strategic focus on its core markets, its silence on the rumored funding round and financial issues only adds to the mystery. As stakeholders eagerly await further developments, the future trajectory of Getir and its expansion plans will undoubtedly remain a hot topic in the startup and tech community.

Neil Hodgson-Coyle
Neil Hodgson-Coyle
Editorial chief at TechNews180
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