Getir’s troubles are dragging on across Europe, raising concerns about the future of the food delivery platform in the region.
On Wednesday, the Turkish-owned company began auctioning off parts of its equipment as it closed a number of its UK dark stores. The bidding ended on Thursday morning.
Items listed on commercial real estate agent Sanderson Weatherall’s website range from motor scooters and crash helmets to insulated grocery delivery boxes and retail freezers. According to the description of the auction, the assets are a “surplus of needs due to retail center closures.”
Getir’s scooters will be auctioned. Photo credit: Sanderson Weatherall
Meanwhile, a leaked message to Sifted this week revealed that the startup had asked the UK office for volunteers to “knock on doors” in four London boroughs to promote gorillas – which Getir bought for $1.2 billion in 2022.
The company’s attempts to boost cash flow come as it reportedly seeks a fresh round of funding. According to Sky News, Getir is asking for a capital injection from one of its existing investors, Abu Dhabi-based sovereign wealth fund Mubadala, which is currently “in advanced discussions” with the startup.
The <3 of EU technology
The latest rumors from the EU tech scene, a story of our wise founder Boris and questionable AI art. It’s in your inbox for free every week. Join Now!
Pitchbook data shows that Mubadala has already invested EUR 435.5 million in Getir in the second quarter of 2023. This followed an investment of €690.7 million in 2022, but that saw the company’s valuation fall by 42.4%.
Getir’s need to increase capital and sales in the UK coincides with the reduction of its footprint across Europe. In recent months, the startup announced that it is withdrawing from France, Spain and Portugal. The Handelsblatt reports that the company is considering withdrawing from Italy and the Netherlands as well.
This would effectively reduce Getir’s operations to just two European markets: Germany and the UK.
Along with Flink, Zapp and Gopuff, Getir is one of the last remaining quick commerce companies in the region. The appetite for quick grocery deliveries seems to be waning.
Comments are closed.