Turkish quick commerce company Getir has found some additional capital after all, but the half a billion dollars it raised means its estimated worth is now less than a quarter compared to a year and a half ago…
Massive cost-cutting exercise
Existing investors have raised 500 million dollars (460 million euros) in a new round of investment, the Financial Times reports. The quick commerce service desperately needed the cash: it recently announced a massive cost-cutting exercise involving the loss of 2,500 jobs. Getir left France, Italy, Portugal and Spain to focus on Germany, the Netherlands, Turkey, the United Kingdom and the United States.
Remarkably, however, this new capital round values the flash delivery company at barely 2.5 billion dollars (2.3 billion euros), just a fraction of the 11.8 billion dollars it was worth just a year and a half ago. The entire quick commerce industry is struggling, as strong growth during the lockdowns was followed by a firm hangover as consumers returned to physical shopping more often. Moreover, they cut back on spending due to the long-lasting and high-running inflation. Another slowing factor is the fact that more and more cities are introducing restrictions: they do not want the dark stores that quick commerce relies on in residential areas.
