Getir raises it everywhere except Turkey. On Monday, the “instant delivery” startup said it would exit the US, UK, Germany and the Netherlands and serve only the Turkish domestic market. TechCrunch notes the closings are likely to destroy 6,000 jobs at the company.
Fetch’s business model is different from traditional shopping services like Instacart (which own problems), envisages the creation of micro fulfillment centers carrying food and household needs in urban areas. This often allows orders to be fulfilled within minutes – hence the nickname “instant delivery”. The startup, once valued at $12 billion, has seen a surge in growth during the pandemic, as investors bet on consumer shopping habits in the ongoing COVID-19 era following lockdowns. So much for that.
“This decision will allow Getir to direct its financial resources to Turkey,” the company said TechCrunch in his statement. The startup said the markets it enters account for about seven percent of its revenue.
Despite cutting jobs and hitting the rewind button on its global expansion, Getir secured funding to focus on Turkey. Mubadala (Abu Dhabi’s state-owned investment company) and G Squared are reportedly among those financing the Turkey-only pivot.
Getir said its US subsidiary is FreshDirect got it It will continue its activities at the end of last year. But the company he suggested for Reuters was open to offers for its existing assets in the markets it had left.
The startup was founded in 2015 and has gained popularity in Turkey. It raised more than $2.3 billion from investors from 2017 to 2023, seeking global corporate conquest, snapping up smaller rivals along the way. TechCrunch says Getir had 32,000 employees at the start of 2023.
