Getir’s woes are dragging on in Europe, raising concerns over the grocery delivery platform’s future in the region.
On Wednesday, the Turkish-owned company started auctioning off parts of its equipment, as it closes down a number of its dark stores in the UK. The bidding closed on Thursday morning.
The items, listed on the website of commercial property agent Sanderson Weatherall, range from scooters and crash helmets to insulated food delivery boxes and retail freezers. According to the auction’s description, the assets are a “surplus to requirements, due to the closure of retail hubs.”
Meanwhile this week, a leaked message sent to Sifted revealed the startup asked for volunteers from the UK office to “knock on doors” in four areas in London and promote Gorillas — which Getir bought for $1.2bn (€1.08bn) in 2022.
The 💜 of EU tech
The latest rumblings from the EU tech scene, a story from our wise ol' founder Boris, and some questionable AI art. It's free, every week, in your inbox. Sign up now!
The company’s attempts to increase cash flow come as it’s reportedly aiming for a fresh round of funding. According to Sky News, Getir is seeking a capital injection from one of its existing investors, Abu Dhabi sovereign wealth fund Mubadala, which is currently “in advanced discussions” with the startup.
Pitchbook data shows that Mubadala already invested in Getir €435.5mn in the second quarter of 2023. This followed a €690.7mn investment in 2022, which however slashed the company’s valuation by 42.4%.
Getir’s need to increase capital and sales in the UK comes as it’s reducing its presence across Europe. In the past few months, the startup has announced it’s exiting France, Spain, and Portugal. German newspaper Handelsblatt reports that the company’s considering quitting Italy and the Netherlands as well.
This would effectively reduce Getir’s operation to only two European markets: Germany and the UK.
Alongside Flink, Zapp, and Gopuff, Getir is among the last remaining quick commerce companies in the region. The appetite for rapid grocery delivery seems to be fading away.
Get the TNW newsletter
Get the most important tech news in your inbox each week.