1️⃣ Getir's Meteoric Rise
Founded in 2015, Getir rapidly ascended, reaching a staggering $7.5 billion valuation in 2022. The company expanded aggressively, penetrating European markets and solidifying its presence by acquiring Gorillas in 2022.
2️⃣ Recent Setbacks
However, in a surprising turn of events in mid-2023, Getir downsized, slashing 2,500 jobs and withdrawing from 17 cities in Germany. Financial distress loomed as the company hemorrhaged between €50-100 million monthly.
3️⃣ Investor's Decision
The company's central investor, Mubadala, has made a decisive move to pull the plug on Getir, citing dissatisfaction with the management's performance and the absence of a sustainable business model.
4️⃣ Merger Speculation
Mubadala is exploring the possibility of merging Getir with its competitor, Flink. Talks are ongoing, although financial commitments are required for Flink to move forward with the merger.
What will become of Getir's 1,400 employees?
