Getir Quits US, Europe Markets After Pressure to Cut Losses [BNN Bloomberg (Canada)]
Uber Technologies, Inc. (UBER)
Last uber technologies, inc. earnings: 2/6 04:05 pm
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Source: BNN Bloomberg
Getir said in a statement on Monday that it will exit the UK, Germany, the Netherlands and the US to refocus on its home market. The company said these operations accounted for 7% of its revenue. “The company will focus on its core market of Turkey, where it sees the biggest potential for long term sustainable growth,” Getir said in the statement. The company didn't give any detail on job losses. The company has simultaneously raised a new investment round led by existing backers, Abu Dhabi sovereign wealth fund Mubadala Investment Co. and G Squared, to fuel its efforts in Turkey. The company did not disclose the amount, or any updated valuation. Getir's US subsidiary, FreshDirect, acquired last year, will continue its operations, the company said. Read More: Delivery Firm Getir, Once Valued at $12 Billion, Weighs Sales and Market Exits The withdrawals are a blow to the Turkish startup, which was once valued at $12 billion and aspired to reach the scale and popularity of ri
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UBER
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- UBER's page on the SEC website