The consolidation among flash delivery companies continues: Getir now wants to acquire Flink as well. Less than a year ago, the Turkish flash deliverer already bought rival Gorillas.
Beyond the hype
The flash delivery market is thinning out. After the Covid pandemic and in times of socio-economic caution, the promise of getting groceries delivered to your home within 10 minutes for a slight extra charge is apparently no longer so attractive. Flash delivery companies are also struggling with opposition from local governments and investor demands to become profitable.
So the time is right to take over the market, argues Getir. Eight months ago, the flash delivery company acquired competitor Gorillas for 1.2 billion dollars; now the company is already in takeover talks with Flink, writes the Financial Times. The price Getir is prepared to pay for Flink is not known.
Only one flash carrier left?
Like Gorillas, Flink is German, but also operates in the Netherlands and France, among other countries. Still this year, the flash delivery company aims to be profitable in its home market; by the end of 2024, it should succeed elsewhere. Abu Dhabi’s state investment fund is a joint investor in both Getir and Flink.
If the acquisition goes ahead, Getir will become the sole flash delivery company in several European markets. In contrast, if no acquisition materialises, Flink aims to raise 100 million euros in fresh growth money. Getir itself raised 500 million dollars in new capital just last month, although the company’s valuation has roughly halved over the course of a year.