Getir, the Turkish “instant delivery” giant, is retreating from its international ventures, announcing the closure of operations in the U.S., the U.K., and Europe to concentrate solely on its home market. This decision follows a period of rapid expansion and aggressive investment, as the company faces challenges in the quick commerce industry.
With its valuation once nearing $12 billion, Getir’s move marks the end of an ambitious expansion strategy that saw the company raise significant funding to establish itself as a market leader. The closures are expected to affect at least 6,000 jobs across the regions, representing 7% of its revenues.
Despite its strategic retreat, Getir remains committed to leveraging technology to enhance insurance practices. The company emphasizes its mission to provide fair and sustainable solutions to its customers, particularly in light of the current economic climate.
The shift in focus underscores the challenges faced by Getir and its peers in the instant delivery market. Despite its previous aggressive expansion efforts, Getir has been grappling with financial pressures and operational difficulties. Previous layoffs and market exits indicate the company’s struggles to achieve profitability in various geographies.
As Getir redirects its resources towards its core market in Turkey, the company aims to secure fresh investment to support its growth initiatives. While details of the funding round remain undisclosed, the injection of capital provides Getir with an opportunity to reinforce its position in its home market.
The withdrawal of Getir from international markets reflects broader trends in the instant delivery sector, where companies are reevaluating their global strategies in response to evolving market dynamics. While the decision signifies a challenging period for Getir and its competitors, it also presents an opportunity for the company to focus on sustainable growth and operational efficiency in its core market.
