The Turkish grocery delivery service Getir revealed Monday its plan to exit critical markets in the U.S. and Europe, where it now makes up 7% of its revenues, in a bid to focus its efforts on domestic development.
The 2015-founded firm from Istanbul announced on Monday that it intended to close its operations in the U.S., U.K., Germany and the Netherlands.
With this move, Getir’s worldwide reach is significantly altered and its native market of Türkiye is once again given priority.
“Sad day for @Getir today,” said the business’s creator, Nazim Salur on social media.
“Many, many thanks to all our employees who contributed,” he said, recognizing the labor force that supported the business’s global undertakings.
Getir had already withdrawn from several other European markets, including Spain, Portugal, Italy and France, as part of a strategic review.
The move is being made amid growing competition and changing customer preferences in the grocery delivery industry.
Getir chose Türkiye as the market with the most potential for development, consistent with its focus on long-term, sustainable growth.
Established to transform grocery shopping convenience, Getir secured significant funding from notable investors, such as Sequoia Capital and Silver Lake, two California investment firms and Mubadala, a sovereign wealth fund based in Abu Dhabi.
Getir has obtained additional funding from Mubadala and G Squared to support its market exit plan.
The goal is to enhance its competitive standing in Türkiye, and the capital inflow demonstrates the company’s dedication to strengthening its position in its main market.
Upon this decision, FreshDirect, Getir’s subsidiary, will operate independently.
Refocusing on its native market reflects Getir’s strategy realignment, which aims to maximize resources and seize expansion prospects.
With the firm bidding farewell to its outside endeavors, all eyes are now focused on its ambitious aspirations for growth and innovation in Türkiye’s thriving grocery delivery market.
Source: AA, AFP
