Rapid delivery firm Getir is set to focus on its Turkish operations, pulling out of all other markets including the UK, Germany, the Netherlands and the US.
Last year, the Istanbul-based company halted services in Spain, Italy and Portugal. This followed the news that it would cut 2,500 jobs across the five countries it still operated in at the time, accounting for 11% of its workforce.
The newest departures only represented 7% of the grocery delivery company’s total revenue.
A short statement from the rapid delivery business statement read: “Getir will focus on Turkey, its main market where it sees the greatest potential for long-term sustainable growth.
“Getir expresses its sincere appreciation for the dedication and hard work of all its employees in the UK, Germany, the Netherlands, and the US.”
A company profile in the RetailX Middle East Ecommerce Region 2023 tracked the growth and post-covid slow down of Getir. Founded in Istanbul in 2015, Getir enabled consumers to receive online grocery orders in just 20 minutes. It quickly expanded the swift grocery delivery service to European countries and the US, profiting from the rising curve of consumer demand for convenience online and fast delivery.
However, Getir’s fortunes during the pandemic have since declined as consumers returned to shopping in bricks-and-mortar locations.
As well as the restructuring, which saw it pull from several markets, Getir also entered a new funding round in late 2023 – with the aim of raising $500m from investors. This valued the company at $2.5bn, less than a quarter of the $11.8bn valuation 18 months previously. Getir said at the time that it remains “fully committed to the future of the industry it pioneered eight years ago and will continue to lead it in the future,”.
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