Getir is hightailing it out of everywhere but Turkey. On Monday, the 'instant delivery' startup said it would exit the US, UK, Germany and the Netherlands to serve its Turkish home market exclusively.
Getir's business model involves micro-fulfillment centers in urban areas that carry groceries, leading to 'instant delivery'. Investors bet on COVID-era shopping habits but the startup shifts focus to Turkey.
Getir's latest move aims to concentrate financial resources on Turkey, stating the exited markets contributed to only seven percent of revenues. Funding from Mubadala and G Squared supports the Turkish pivot.
Despite job cuts and global withdrawal, Getir's US subsidiary FreshDirect remains operational. The company hints at potential asset sales in the markets where it's winding down.
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