Turkish delivery company Getir will withdraw from its remaining European and US markets to focus on its main home market, it said, marking an abrupt turnaround after expansion and boom in recent years.
Getir grew rapidly during the COVID-19 pandemic, attracting high-profile investors and reaching a valuation of $12 billion (€11.16 billion) two years ago, as it established operations across Western Europe and in New York and Chicago.
But as the pandemic ended and people returned to physical shopping, high profit margins fell, making it difficult to meet costs arising from investments in these markets.
'Getir will focus on Türkiye, its main market where it sees the greatest potential for long-term sustainable growth,' the Istanbul-based company said, adding it had decided to exit Britain, Germany, the Netherlands and the United States.
These markets accounted for some 7% of revenues, it said.
'Open To Talks'
A source close to the company told Reuters that Getir is open to talks on what to do with its assets in the markets it is leaving.
Last week, Reuters reported the company was considering a new roadmap including possible asset sales.
Getir also said it had secured new financing from Mubadala and G Squared and would use it to increase competitiveness in Türkiye.
It said that its US subsidiary FreshDirect, which it bought late last year, would continue operations.
In 2022, Getir laid off 14% of its employees in Türkiye due to inflation pressures. A year later, it announced its departure from the French, Italian, Spanish and Portuguese markets, limiting its activities to Türkiye, Britain, Germany, the Netherlands and the United States.
Turkish businessman Nazim Salur founded Getir in 2015. Its investors included Mubadala Investment Company, Abu Dhabi Growth Fund (ADG), Alpha Wave Global, Sequoia Capital and Tiger Global.
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