Rapid grocery firm Getir eyes major shake-up as valuation slides
Getir, one of the world’s largest grocery delivery platforms, is reportedly considering a major restructuring which could see it break up or pull out of some markets.
The Turkish headquartered firm, once valued at £9.5bn, pulled out of Italy, Spain and Portugal last year as demand for home grocery and takeaway services has shown signs of fading in a post-Covid market.
Last summer the business slashed 2,500 roles across its 23,000 strong workforce in its five remaining markets in the UK, Netherlands, Germany, the US and Turkey.
A report published in Sky News over the weekend has said the food delivery firm is now in talks with investors about a potential restructuring and exit from a number of its markets.
One insider told the publication the next few weeks were “make or break” for the business which is now valued at around £2bn. The possibility of further job cuts has not been ruled out.
Getir was founded in 2015 and was among a slew of companies promising quick delivery of food and other essentials to city dwellers.
Demand for these services swelled during the pandemic but they have since crumbled amid the cost of living crisis and a return to in-person dining.
Getir acquired rival Gorillas in December 2022 in a $1.2bn (£96m) deal. Fellow quick service provides such as Deliveroo and Just Eat have also announced over 2,000 job cuts between them last year as customers rein in spending amid the cost of living crisis.
“Our business is very agile and fast-paced,” a Getir spokeswoman told Sky News on Saturday.
“Getir principally doesn’t comment on rumours or on internal matters, however, whenever decisions have been made, we will announce them as we have done in the past.”
City PM has contacted Getir for a comment.