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☆ Getir, a Rapid Grocery-Delivery Service, Exits the U.S. and Europe
▼ + stars: | 2024-04-30 | by ( Eshe Nelson | ) www.nytimes.com time to read: 1 min

Getir, the rapid grocery-delivery company that boomed during Covid lockdowns, said it was ending its operations in the United States and Europe, a major retreat by another pandemic darling. At its height, the privately held Getir was valued at nearly $12 billion after expanding quickly, buying up competitors and operating in nine countries. The company announced the decision in a short statement on Monday, adding that FreshDirect, its U.S. subsidiary, would continue operations. “Getir generates only 7 percent of its revenues from the markets it is exiting,” the statement said. “This decision will allow Getir to focus its financial resources on Turkey.”

Persons: lockdowns, Getir, ” Organizations: U.S Locations: United States, Europe, Turkey

☆ Embattled grocery startup Getir exits the U.S. and Europe, will refocus on Turkey
▼ + stars: | 2024-04-29 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Companies such as Getir and Gorillas promise to deliver items to shoppers' doors in as little as 10 minutes. Grocery delivery startup Getir announced on Monday that it is quitting international markets including the U.K., Germany, the Netherlands and the U.S., marking a major setback for the once hyped online grocery industry. The Istanbul, Turkey-based firm said in a statement that it was withdrawing from its U.S. and European markets and would now refocus its financial resources on Turkey. The company said it raised a new investment round led by Abu Dhabi sovereign wealth fund Mubadala and venture capital firm G Squared "to bolster its competitive position in its core food and grocery delivery businesses in Turkey." Getir said it generates 7% of its revenues from the U.K., Germany, the Netherlands and the U.S."Getir expresses its sincere appreciation for the dedication and hard work of all its employees in the UK, Germany, the Netherlands, and the U.S.," the company said.

Persons: Abu, Getir Locations: Germany, Netherlands, U.S, Istanbul, Turkey, Abu Dhabi

☆ Caviar, champagne, and IPOs: At the Jefferies Private Internet Conference, tech dealmaking was back
▼ + stars: | 2024-04-19 | by ( Ben Bergman | ) www.businessinsider.com time to read: +4 min

Jefferies hosted a conference to bring together late-stage tech founders, investors and bankers. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAs bankers and venture capitalists nibbled on caviar sushi and sipped champagne and sake this week at Nobu Malibu, there was a gleeful mood at the beachside closing dinner of the Jefferies Private Internet Conference. After a Covid pause, Jefferies resumed this conference in 2022 to bring together late-stage tech founders, investors, and bankers. Related story"Beyond typical deal considerations, AI has emerged as the single biggest new influence today in tech M&A," according to Greenberg.

Persons: Jefferies, —, Cameron Jefferies, Jason Greenberg, Greenberg, Goldman Sachs, David Solomon, Reddit, Marc Andreessen, Rich Handler, Andreessen Horowitz, Neerav, Goldman, JP Morgan Chase, we've, Lester Organizations: Service, Jefferies Private Internet Conference, Technology, Media, Telecom Investment Banking, Jefferies, Global Technology, Informatica, Epic, Venture, Jefferies Private Locations: Neerav Kingsland

☆ I spent $70 ordering groceries on Getir, the ultra-fast delivery app. The service was super speedy, but it wasn't perfect.
▼ + stars: | 2024-04-17 | by ( Gia Yetikyel | ) www.businessinsider.com time to read: +1 min

Gia YetikyelI live in Chicago and usually go to nearby grocery stores to snag what I need for the week. The errand can take between 20 minutes to an hour, depending on whether I'm going to a specialty grocery store or taking public transportation. The idea of having my groceries delivered to me in less time is definitely intriguing. But although Getir has Chicago, New York, and Boston listed as locations on its website FAQ and social-media pages, I was surprised to learn that the company wasn't delivering groceries in Chicago. Luckily, I was flying to New York City the following week for a quick family visit, and I was able to test Getir out there.

Persons: I'd, Getir, Gia Yetikyel Locations: Chicago, Chicago , New York, Boston, New York City

☆ Automation helps insulate Rohlik from a bruising 2023 for the grocery delivery sector
▼ + stars: | 2024-03-07 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +6 min

Read previewInvestors couldn't get enough of grocery delivery startups during the pandemic. Rohlik is on a pathway to profitability and has broken even in several key cities, CEO Tomas Cupr told Business Insider. Advertisement"The online grocery industry didn't have the best year in 2023, but we're still growing, which is super positive," Cupr told BI. At least 19 grocery delivery startups were operating across Europe at the height of the market. "The grocery delivery market remains a challenging area in Europe.

Persons: —, Tomas Cupr, Cupr, we've, Turkey's, Germany's, Nalin Patel, Jan Hammer Organizations: Service, Venture, Business, Ventures Locations: Europe, Prague, Czechia, Hungary, Munich, London, Paris, Budapest, Vienna, Istanbul, New York

☆ Getir emerged as a tentative winner in Europe's pandemic-fueled rapid-delivery sector. But it still faces sizable threats.
▼ + stars: | 2023-09-18 | by ( Riddhi Kanetkar | Callum Burroughs | ) www.businessinsider.com time to read: +8 min

In March 2022, Nazım Salur invited thousands of Getir employees to a Zoom meeting to celebrate its newfound "decacorn" status. However, as soaring inflation and rising interest rates began to hobble the tech sector, investors became far less forgiving of businesses that had oriented themselves more toward growth than sustainability. In December 2021, The Guardian reported that Getir had offered customers a deal where they could get £15 off if they spent £16. About 21 rapid-delivery startups were operating across Europe in 2021, with Getir joined by the German outfits Gorillas and Flink, as well as the British startup Zapp. Getir tentatively emerged as the winner in the rapid-delivery sector when it bought its main competitor, Gorillas , in a heavily discounted deal for $1.2 billion in December.

Persons: Nazım Salur, Nazım, Getir, Blok, London's, Alexi Rosenfeld, they've, Adam Neumann, Michael Moritz Organizations: Tiger Global, Mubadala, Financial Times, Getir, TechCrunch, Guardian, DST Global, Gorillas, Abu Dhabi Growth Fund, Google, PayPal Locations: Spanish, Berlin, Turkey, Turkish, Germany, Netherlands, Istanbul, Turkey's, Europe, British, Abu Dhabi

☆ DoorDash quietly ends an experiment to deliver grocery orders within 15 minutes in NYC
▼ + stars: | 2023-07-06 | by ( Nancy Luna | ) www.businessinsider.com time to read: +4 min

In 2021, Gorillas, Buyk, and Gopuff opened dozens of rapid-delivery warehouses in Manhattan. Amid a collapse in the sector, DoorDash has ceased its ultrafast delivery operation in Chelsea. DoorDash's exit comes as the ultrafast grocery delivery space has collapsed over the past year after growing wildly in spring 2021. Many had spread throughout New York City, Chicago, Boston, and San Francisco. Neighborhoods in New York City also balked at the dark store operations, accusing them of ruining retail enclaves and taking away business from local bodegas.

Persons: Gopuff, DoorDash, —, York DashMart, Fuad Hannon, they're, Hannon, Robert Mollins, Gordon, Getir Organizations: Investors, Service, The Locations: Manhattan, Chelsea, New York City, Chicago, Boston, San Francisco, York

☆ Turkish food delivery startup Getir to leave Spain, union says
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

MADRID, June 30 (Reuters) - Turkish delivery startup Getir will cease its business in Spain and lay off its entire workforce there of 1,560 after failing to raise enough capital in a recent funding round, Spain's biggest trade union CCOO said on Friday. "We condemn the disastrous business management of Getir, which has not known how to grow or have a market strategy in Spain," the union said in a statement. Spain's food delivery market is dominated by Delivery Hero (DHER.DE)-owned Glovo, the Netherlands' Just Eat Takeaway (TKWY.AS) and Uber Eats (UBER.N), all three of which gained market share after Britain's Deliveroo (ROO.L) exited the country in late 2021. Getir Spain did not immediately reply to a request for comment. However, in an April deal, Getir reportedly only raised about $500 million, cutting its valuation almost in half to $6.5 billion.

Persons: CCOO, Britain's Deliveroo, Getir, Le Monde, Flink, David Latona, Sudip Kar, Gupta, Louise Heavens Organizations: Getir, Financial Times, Thomson Locations: MADRID, Spain, Netherlands, Getir Spain, France, Getir France, Istanbul, Getir, Paris

☆ These two globally competitive food delivery stocks will soar 120%, RBC says
▼ + stars: | 2023-06-29 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Shares of two online food delivery companies are expected to soar by 120% over the next 12 months, according to RBC Capital. The investment bank said that Delivery Hero and Just Eat Takeaway.com are making significant strides in the industry, despite facing a few challenges. DHER-DE 5Y line The RBC analysts compared the delivery services of major food delivery players in Delivery Hero's and Just Eat Takeaway.com's primary markets, including countries like the U.K., Germany, Spain, the United States, and South Korea. Despite these extra costs, the service remains attractive in the Middle East and North Africa, where Delivery Hero holds a leading position. RBC also believes that Delivery Hero and Just Eat Takeaway.com can further bolster profitability by improving gross margins.

Persons: Wassachon Udomsilpa, Richard Chamberlain Organizations: RBC Capital, RBC Locations: Berlin, Amsterdam, Germany, Spain, United States, South Korea, U.S, East, North Africa, Turkey

☆ Grocery app Getir in talks to take over German rival Flink - FT
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

May 1 (Reuters) - Turkish delivery app Getir is in talks to take over German rival Flink in a key step toward consolidation in Europe's food delivery market, where companies are battling a slowdown after COVID-19, the Financial Times said on Monday. There is no guarantee of an agreement being reached, however, said the paper, which cited people familiar with the matter. Getir and Flink did not immediately respond to a Reuters request for comment. Flink is also in talks to raise funding of about $100 million from existing investors, for a valuation of more than $1 billion, the paper added. In a $1.2-billion deal last December, Getir bought German grocery company Gorillas, merging two of Europe's remaining companies in Europe offering groceries in minutes.

☆ The rapid grocery app bubble, inflated by the pandemic, is nearing its endgame
▼ + stars: | 2023-04-21 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +4 min

Grocery apps exploded during the pandemic and attained wild, multibillion-dollar valuations. European market leader Getir and smaller rival Flink are both set for big valuation haircuts. That's against a backdrop of grocery startups quitting markets, being acquired, delaying IPO, and going bankrupt. Grocery startups took massive hits as they chased usersWhat happened? Consolidation has come quickly, as smaller startups run into the realities of a low-margin model and find they can't keep up the requisite spend to chase consumers.

☆ Artificial intelligence will make Big Tech even bigger. Something needs to be done about the power imbalance, researchers warn
▼ + stars: | 2023-04-20 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

She asked if the company was selling unregistered securities (which is typically illegal, by the way — here's what it means). Big Tech + AI = even bigger tech. So Big Tech companies are best-positioned to gain even more power as artificial intelligence technology — like ChatGPT — gets further developed. Something needs to be done about this power imbalance, researchers warn. My teammate Emilia David breaks down the AI power imbalance and highlights some proposed solutions in her latest story.

☆ DoorDash-backed Flink is in talks to raise around $100 million at a haircut to its earlier $2.85 billion valuation, sources say
▼ + stars: | 2023-04-20 | by ( Callum Burroughs | Riddhi Kanetkar | ) www.businessinsider.com time to read: +3 min

Flink is raising around $100 million at a haircut to an earlier valuation, sources said. The startup most recently raised funding in 2022 at an estimated $5 billion valuation. Any prospective funding is mooted to be at a down round valuation of around $1.5 billion, two sources said. Discussions around fresh funding remain at an early stage and figures are subject to change. These firms, often only months old, raised funding rounds in rapid succession, hitting billion-dollar and multibillion-dollar valuations fast.

☆ Turkey's Getir denies reports of deal that would roughly halve valuation
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

ISTANBUL, April 20 (Reuters) - Turkey's fast delivery company Getir denied on Thursday reports of a deal that values it at $6.5 billion, roughly half of its valuation last year, adding that it is always in talks with investors for new funding. "Recent rumors claiming that Getir has as of now raised $500 million at a valuation of $6.5 billion is incorrect," the company said in a statement. News website Insider reported on Wednesday that Getir raised $300 million from Abu Dhabi state fund Mubadala, citing industry sources. The deal would cut the company's valuation almost in half. In March last year, Getir closed a $768 million funding round led by Mubadala that valued the company at around $12 billion.

☆ Grocery app Getir, once worth $11.8 billion, sees valuation almost halved with new funding, sources say
▼ + stars: | 2023-04-19 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +3 min

Getir, one of the biggest remaining grocery apps, has raised $500 million, per sources. But its valuation has been almost halved to around $6.5 billion, from $11.8 billion. Other existing shareholders added another $150 million to $200 million to the round, two further sources said. The deal is a 45% markdown on the $11.8 billion price tag that was placed on Getir during its last fundraise in March 2022. Getir could have been valued even lower but the deal came with a high liquidation preference, the sources added.

☆ Turkey's Getir sees valuation almost halved with new funding - report
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

April 19 (Reuters) - Turkish delivery company Getir has raised about $500 million in a deal that cuts its valuation almost in half, news website Insider reported on Wednesday citing industry sources. The company has raised $300 million from Abu Dhabi state fund Mubadala at a valuation of around $6.5 billion, according to the report. Another $150 million to $200 million were added by other existing shareholders, the report added. In March last year, Getir closed a $768 million funding round led by Mubadala that valued the company at around $12 billion. It could have been valued even lower but the deal came with a high liquidation preference, the report said.

☆ Tiger Global-backed $2 billion marketplace startup Ankorstore is set to become the latest tech unicorn to cut jobs, sources say
▼ + stars: | 2023-03-06 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +3 min

French retail marketplace startup Ankorstore is set to cut a significant amount of roles, sources said. The Tiger Global-backed company has raised 365 million euros (around $387 million) to date. It is the latest high-profile Tiger Global startup to slash jobs, following on from Stripe and Getir. Ankorstore, a $2 billion marketplace startup that counts US investing giant Tiger Global among its biggest backers, is set to cut a substantial amount of its workforce, sources say. Investment firm Tiger Global had been a major pandemic startup investor, with a particular uptick in European deals through 2021.

☆ Europe's venture capital firms are facing a painful 2023 as some struggle to prove returns to LPs in bid to raise fresh capital
▼ + stars: | 2023-02-23 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +5 min

Some of Europe's venture capital firms are struggling to show returns on their investments. Europe's venture capital sector has enjoyed a booming run in recent years. Now, the dramatically changed economic landscape has left not only the startups facing a scarcity of available capital, but also the venture capital firms that fund them too. There are likely to be countless more who are also struggling to raise capital. For some smaller firms, the frothy days of 2021 are looking increasingly like a distant memory.

☆ This startup founded by a former Getir CTO enables users to hold stablecoins pegged to the US dollar. Check out the 11-slide pitch deck Cenoa used to raise $7 million.
▼ + stars: | 2023-02-06 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Cenoa, a fintech startup cofounded by the former CTO of Getir, has raised $7 million in funding. The startup enables customers to access USDC, a digital asset tied to the US dollar. We got an exclusive look at the 11-slide pitch deck used to raise the fresh funds. A startup that has developed a digital wallet where users can hold a stablecoin pegged to the US dollar has raised $7 million in seed funding. In the UK, for example, Cenoa works with FCA-registered Transak so that users can deposit and withdraw funds using local banking networks.

☆ Getir lays off 100 employees in the latest sign of trouble for the rapid-delivery startup
▼ + stars: | 2023-02-02 | by ( Alex Bitter | ) www.businessinsider.com time to read: +4 min

Getir laid off roughly 100 US corporate employees this week, Insider has learned. Getir's US arm has struggled to pay store employees properly and held them to strict time goals. Before the layoffs, Getir's Slack channel for US employees contained roughly 260 corporate employees. In 2022, Insider reported on the conditions that Getir employees faced filling and delivering orders at the company's US stores. Getir also struggled to pay store employees in full and on-time, several told Insider.

☆ Sequoia-backed grocery startup Getir pushes into the US after gobbling up European rival Gorillas in $1.2 billion deal
▼ + stars: | 2023-01-25 | by ( Shona Ghosh | ) www.businessinsider.com time to read: +4 min

Getir has appointed its first US general manager after its $1.2 billion deal to buy rival Gorillas. The US market is smaller for Getir than the UK but expansion is a priority for 2023, Van Beveren told Insider. Its founder, Nazim Salur, previously told Insider that the firm would look to float in 2023, likely in the US. Retail analysts have previously told Insider the model can be profitable but requires efficiency. Van Beveren noted that Chaaya's appointment was indicative of a successful integration between the two businesses.

☆ Factbox: European companies cut jobs as economy sputters
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +5 min

REUTERS/Stephane MaheJan 17 (Reuters) - Decades-high inflation and the impact of war in Ukraine have forced companies across Europe into lay-offs or hiring freezes. * HUSQVARNA (HUSQb.ST): the garden equipment and tools maker announced in late October it will cut 1,000 jobs, the vast majority of them related to the shift from petrol to battery-powered tools. * SIEMENS GAMESA (SGREN.MC): the Spanish wind turbine maker in late September said it plans to cut 2,900 jobs, mostly in Europe, as part of a plan to return to profitability. * CLAS OHLSON (CLASb.ST): the Swedish hardware store chain said in December it would cut about 85 full-time jobs amongst other measures to deliver cost savings and reduced depreciation. BANKS AND FINANCIALS* KLARNA: Dagens Industri reported in May the Swedish payments company would lay off about 10% of its 7,000 employees.

☆ ChatGPT is coming for classrooms, hospitals, marketing departments, and everything else as the next great startup boom emerges
▼ + stars: | 2023-01-10 | by ( Emilia David | ) www.businessinsider.com time to read: +4 min

Entrepreneurs are encouraged to look at generative AI as a tool to solve a myriad of problems. This year will be the year new ways of using generative AI will thrive. Jasper competitor Copy.ai, which uses ChatGPT for marketing, raised $11 million in Series A in October 2021. Not all generative AI companies have longevity, and not all sectors have problems that generative AI can solve. For now, investors are confident their bets in generative AI will pay off, said Josh Constine, partner at Signal Fire.

☆ The VC dream machine pumped out one dumb startup after another. 2023 should put an end to that.
▼ + stars: | 2022-12-21 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +6 min

2023 should curtail the current flow of bad startup ideas. The way it roughly works is to bet millions across lots of startups in the hope one of them blows up and returns that cash. 'Fewer insane ideas'We are no longer in a low-interest-rate market, meaning startup investors who could once rely on generous backers will have to be more cautious about how they spend their money. They do have lots of money, with an estimated $290 billion of capital available to them in October, according to Pitchbook data. But Kniaz senses a shift in motion: "This next year will show which emperor has clothes on or not.

☆ Getir's acquisition of Gorillas is the latest consolidation move for the rapid delivery space. Here's why analysts say ultrafast couldn't hack it in the US.
▼ + stars: | 2022-12-20 | by ( Alex Bitter | Nancy Luna | ) www.businessinsider.com time to read: +8 min

Fridge No More, Buyk, Jokr, and 1520 have shuttered or withdrawn from the US, while Getir, Gopuff, and Gorillas have cut staff. But analysts told Insider this may have led to blind spots when it came to the American consumer. And an insider told TechCrunch that month that Gorillas' monthly global burn rate was between $50 million and $75 million. YipitData suggests the average order for Getir, Gorillas, Gopuff, and Jokr was $21 to $32 in May. Are you a rapid delivery insider with insight to share?

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