Delivery Firm Getir, Once Valued at $12 Billion, Weighs Sales and Market Exits [BNN Bloomberg (Canada)]
Uber Technologies, Inc. (UBER)
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Source: BNN Bloomberg
The Turkish grocery delivery company, which saw business skyrocket during the Covid-19 pandemic as deliveries surged, is now exploring options including selling off or shuttering assets around the world, people familiar with its situation said. Any potential sales would exclude its core Turkey operations, said the people, who asked not to be identified discussing private negotiations. Getir last year bought the US grocery delivery company FreshDirect and also operates in the UK, the Netherlands and Germany. Demand for its services subsided as the world emerged from Covid lockdowns, and the company has been burning through as much as $50 million a month, people familiar with the situation said. Backers are now seeking a major restructuring, they said. Getir's investors include Abu Dhabi sovereign wealth fund Mubadala Investment Co., Tiger Global and Sequoia Capital, which poured money into the startup when customers were stuck at home during pandemic-era lockdowns. Founder and Chi
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