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{"id":5096,"date":"2024-05-07T05:54:38","date_gmt":"2024-05-07T05:54:38","guid":{"rendered":"https:\/\/aitesonics.com\/getir-is-getting-out-of-everywhere-but-turkey-164225714\/"},"modified":"2024-05-07T05:54:38","modified_gmt":"2024-05-07T05:54:38","slug":"getir-is-getting-out-of-everywhere-but-turkey-164225714","status":"publish","type":"post","link":"https:\/\/aitesonics.com\/getir-is-getting-out-of-everywhere-but-turkey-164225714\/","title":{"rendered":"Getir is getting out of everywhere but Turkey"},"content":{"rendered":"

Getir’s business model, distinct from traditional shopping services like Instacart (which has problems of its own<\/a>), involves establishing micro-fulfillment centers in urban areas that carry groceries and household essentials. This often lets them fulfill orders within minutes \u2014hence the \u201cinstant delivery\u201d moniker. Once valued at $12 billion, the startup experienced a surge in growth during the pandemic as investors bet on COVID-era consumer shopping habits enduring after lockdowns. So much for that.<\/p>\n

\u201cThis decision will allow Getir to focus its financial resources on Turkey,\u201d the company told TechCrunch<\/em> in a statement. The startup said the markets it\u2019s exiting made up about seven percent of its revenues.<\/p>\n

Even as it slashes jobs and hits the undo button on its global expansion, Getir has secured funding to focus on Turkey. Mubadala (Abu Dhabi\u2019s state-owned investment firm) and G Squared are reportedly among those financing the Turkish-only pivot.<\/p>\n

Getir says its US subsidiary, FreshDirect, which it bought<\/a> late last year, will continue to operate. But the company suggested<\/a> to Reuters<\/em> it was open to offers for its existing assets in the markets it\u2019s leaving.<\/p>\n

The startup was founded in 2015 and exploded in popularity in Turkey. From 2017 to 2023, it raised over $2.3 billion from investors as it sought global corporate conquest, scooping up smaller competitors along the way. TechCrunch<\/em> says that, in early 2023, Getir had 32,000 employees.<\/p>\n","protected":false},"excerpt":{"rendered":"