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☆ Southeast Asian venture capital firms expect to be pickier in 2023 than in 2022
▼ + stars: | 2022-12-20 | by ( Sheila Chiang | ) www.cnbc.com time to read: +6 min

Venture capital-backed companies only raised $369 billion for the first three quarters of 2022, according to Crunchbase data. Malte Mueller | Fstop | Getty ImagesVenture capital firms in Southeast Asia will probably be pickier next year, with valuations plunging and economic headwinds slowing growth in 2022. Sequoia Southeast Asia raised a $850 million fund in June, East Ventures raised $550 million in July, and Insignia Ventures Partners raised $516 million in August. Indonesia-based e-grocery company HappyFresh ceased operations in Malaysia after seven years, while Grab discontinued its quick commerce service GrabMart Kilat in Indonesia. "The 15-minute model of quick commerce in Southeast Asia is very difficult because the unit economics are very negative.

☆ Morning Bid: Hunkering down
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +2 min

Initial market enthusiasm over China's easing of its stringent "zero-COVID" measures has now switched to worries over a wave of infections likely disrupting the economy. European stock markets are set for a weaker start on Monday, dragged by declines in Asian stocks, with the spotlight on a series of central bank meetings even as expectations rise that euro zone inflation is peaking. It's a Super Thursday this week, with the ECB, Bank of England, and the Swiss and Norwegian central banks also expected to jack up borrowing costs. On Sunday, U.S. Treasury Secretary Janet Yellen forecast a substantial reduction in U.S. inflation in 2023, barring an unexpected shock. Whether inflation is responding to the most aggressive Fed hiking cycle since the 1980s will be evident in this week's U.S. consumer price index report.

☆ Analysis: European food delivery shapes up with Getir's Gorillas buy
▼ + stars: | 2022-12-11 | by ( ) www.reuters.com time to read: +6 min

QUICK COMMERCEThe Gorillas acquisition makes Getir Europe's largest quick commerce company. LESS CAPITAL, FEWER COUPONSMore than a dozen smaller European quick commerce companies failed or were acquired since mid-2021. While profits may still be distant for the privately-held quick commerce companies, Europe's listed meal delivery companies have all set formal targets for earnings before interest, taxes, depreciation and amortisation (EBITDA). Shares in the European delivery companies are down around 60% from a year ago, but have traded sideways since June. So to "all the naysayers saying 'quick commerce is over - No.

☆ Grocery delivery firm Getir acquires embattled rival Gorillas as industry consolidates
▼ + stars: | 2022-12-09 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Turkish grocery delivery firm Getir acquired its German rival Gorillas for an undisclosed amount, the company said Friday. "The super fast grocery delivery industry will steadily grow for many years to come and Getir will lead this category it created 7 years ago." Loss-making grocery delivery services are enduring a tough market environment, in which investors are reevaluating positions in companies most exposed to the effects of tighter monetary policy and a rising cost of living. The long-rumored takeover values Gorillas at $1.2 billion and the broader Getir group at $10 billion, according to a report from the Financial Times. In 2021, the company was valued at $3.1 billion in a private financing round led by German food delivery company Delivery Hero .

☆ Rapid-delivery startup Getir buys its rival Gorillas at a big discount as grocery apps continue to eat each other
▼ + stars: | 2022-12-09 | by ( Michael Cogley | ) www.businessinsider.com time to read: +2 min

Grocery-delivery startup Getir has acquired its German rival Gorillas at a hefty discount. Gorillas tried to raise capital to continue to operate on its own but has accepted the deal from Getir. The Berlin-based startup, which slashed jobs earlier this year, was valued at around $3 billion in 2021. Insider first reported last month that Gorillas, only founded in 2020, would likely be sold at a discount. Gorillas was last valued at $3 billion in 2021. Insider has approached Getir and Gorillas for further comment.

☆ Getir buys grocery app rival Gorillas in $1.2 bln deal - FT
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +2 min

Dec 9 (Reuters) - Turkish fast delivery company Getir has closed its acquisition of German rival Gorillas in a deal that values the combined group at $10 billion, the Financial Times reported on Friday. The deal values Gorillas at around $1.2 billion, down from the $3 billion mooted in September last year, the report added, citing people familiar with the matter. Gorillas said in June it expected to be profitable at a group level within 12 months. Getir is also hoping to raise more funding early next year, the report said, adding the Turkish company was also cutting its own valuation by around a quarter. Earlier this year, Getir closed a $768 million funding round led by Abu Dhabi state investor Mubadala that valued the company at around $12 billion.

☆ Food delivery M&A leaves sour taste in the mouth
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +2 min

LONDON, Dec 9 (Reuters Breakingviews) - Two rapid grocery delivery players are serving up an unappetising deal for their investors. Turkish company Getir, last valued at $11.8 billion in March, is gobbling up its German rival Gorillas. It values the target at $1.2 billion, a 60% cut to its last valuation acquired in last year’s funding round. It’s worst for Gorillas investors like Delivery Hero and Tencent (0700.HK), however. With an upcoming recession, they will have to hope that luxury grocery delivery services still have a future.

☆ Factbox: FACTBOX European companies cut jobs as economy sputters
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Evgenia NovozheninaDec 7 (Reuters) - Decades-high inflation and the impact of war in Ukraine have forced companies across Europe into lay-offs or hiring freezes. * FINNAIR (FIA1S.HE): the Finnish airline will cut about 150 jobs, of which 90 are in its home country, as part of a plan to return to profitability. * MICHELIN (MICP.PA): the tyre maker plans to cut up to 1,600 jobs in France, fewer than the 2,300 estimated in its initial voluntary redundancy plan as it seeks to safeguard production. * HUSQVARNA (HUSQb.ST): the garden equipment and tools maker will cut 1,000 jobs, the vast majority of them related to the shift from petrol to battery-powered tools. * H&M (HMb.ST): the Swedish fashion giant, which employs roughly 155,000 people, will cut some 1,500 jobs as part of a 2 billion crown ($189.5 million) savings drive.

☆ Factbox: European companies cuts jobs as economy sputters
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +4 min

☆ Meals company Takeaway, grocery delivery firm Getir in European partnership
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: 1 min

AMSTERDAM, Nov 17 (Reuters) - Meals delivery company Just Eat Takeaway (TKWY.AS) on Thursday announced a European partnership with online grocer Getir. Under the partnership, Takeaway said, Getir's groceries will be listed on Takeaway's platform and can be ordered via its smartphone app but will be delivered by Getir couriers. Amsterdam-based Takeaway is Europe's largest meals ordering and delivery company, while Istanbul-based Getir is the largest of several privately-held online grocery companies that deliver a small selection of common supermarket items within an hour. The partnership will be launched in Germany next week, the companies said, and expanded to Britain, Spain, Italy and France this year. Reporting by Toby Sterling Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Why corporate leaders like Mark Zuckerberg, Jack Dorsey, and Evan Spiegel are all apologizing for the massive layoffs at their companies
▼ + stars: | 2022-11-15 | by ( Sarah Belle Lin | ) www.businessinsider.com time to read: +10 min

Since the pandemic, the largest tech layoffs have been at Meta, Getir, Booking.com, Twitter, Uber, Better.com., Peloton, and Groupon, Layoffs.fyi data show. Now companies in tech are reversing some of the huge hiring that they did in the past couple of years, Lee said. Mark Zuckerberg, MetaFacebook CEO Mark Zuckerberg speaks about "News Tab" at the Paley Center, in New York on October 25, 2019. In the memo he wrote: "Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. Jack Dorsey, ex-CEO TwitterTwitter CEO Jack Dorsey testifies before the House Energy and Commerce Committee in Washington, DC, in 2018.

☆ Sequoia-backed grocery startup Getir is close to buying its troubled rival Gorillas in a heavily discounted deal said to be worth less than $1 billion
▼ + stars: | 2022-11-11 | by ( Callum Burroughs | Shona Ghosh | ) www.businessinsider.com time to read: +4 min

Grocery-delivery startup Gorillas is set to be acquired by its major rival Getir, sources say. Gorillas' valuation is expected to collapse from $3 billion to less than $1 billion, with layoffs anticipated. Beleaguered grocery delivery startup Gorillas is set to be acquired by Turkish rival Getir in a cash-and-equity deal that is expected to close in the coming weeks and at a substantially lower valuation, Insider understands. Gorillas' investors and shareholders will be paid out in cash while others will be offered preferred stock in Getir, the people said. Most of Gorillas' senior management is expected to stay on with with Getir shares as part of their package.

☆ As the rapid-delivery segment collapses, Food Rocket is betting on delivering restaurant meals and opening 'dark warehouses' for walk-in customers as a way to survive
▼ + stars: | 2022-11-07 | by ( Nancy Luna | ) www.businessinsider.com time to read: +5 min

The Circle K-backed startup is opening up its dark warehouses to walk-in customers. Food Rocket, backed by the owner of Circle K, offers about 3,000 grocery and convenience-store items. Eventually, he sees Food Rocket delivering more than convenience goods. With "Food Rocket" marquee signs visible to walk-in customers, Alexandrov said the startup won't have to invest in money-losing promotional ads like rivals. Food Rocket plans to launch rapid-delivery services in North Carolina.

☆ Delivery startup Getir in advanced talks to buy Gorillas- Bloomberg News
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +1 min

Oct 10 (Reuters) - Turkish fast delivery startup Getir is in advanced talks to buy Berlin-based rival Gorillas Technologies GmbH, Bloomberg News reported on Monday, citing people familiar with the matter. The potential deal would give Getir scale in key European markets including the UK and Germany, the report said. No final decisions have been made, but the proposed deal would be a mix of cash and equity, Bloomberg added. Abu Dhabi Growth Fund (ADG), Alpha Wave Global, Sequoia Capital and Tiger Global participated in the funding round. read moreWhen contacted by Reuters, a Getir spokesperson said they could "neither confirm or deny" the Bloomberg report, while Gorillas said it will not provide any comment.

☆ Ultrafast startup FastAF reveals its secret weapon for surviving the rapid delivery shakeout: offering Shopify merchants 2-hour delivery and nationwide shipping
▼ + stars: | 2022-09-21 | by ( Nancy Luna | Madeline Stone | ) www.businessinsider.com time to read: +8 min

DTC delivery startup FastAF offers rapid delivery of Shopify brands. The startup FastAF has discovered a secret weapon in surviving the volatile ultrafast-delivery space: Shopify stores. On Wednesday, FastAF added nationwide shipping, allowing shoppers to bundle items into one delivery in any market in the US. at a higher cost," Hnetinka told Insider this week. "It's really put us in a position of strength compared to the other guys who've got commoditized and undifferentiated products," Hnetinka said.

☆ Instacart rolls out high-tech shopping carts aimed at helping grocery stores compete with Amazon Go. Here are the strategies the company is investing in ahead of a reported IPO.
▼ + stars: | 2022-09-19 | by ( Alex Bitter | Nancy Luna | ) www.businessinsider.com time to read: +11 min

One analyst described the goal as being a "one-stop shop" for grocery technology. Instacart is getting ready to go public, making new sources of revenue more important than ever for the grocery delivery startup. On Monday, the company rolled out an upgraded version of its smart shopping carts, Caper Cart. InstacartSubscriptionsNow called Instacart+, Instacart's subscription service costs about $10 per month or $99 per year. The startup makes checkout technology for both online and in-store use, including a smart shopping cart with scanning technology.

☆ $15 billion delivery startup Gopuff tried to rip out a page from Amazon's playbook by poaching its managers. Insiders say a newfound metrics obsession 'destroyed' its operations.
▼ + stars: | 2022-09-06 | by ( Tom Dotan | ) www.businessinsider.com time to read: +11 min

Gopuff warehouse managers knew times had changed the moment their corporate bosses started needling them about employee bathroom breaks. These kinds of questions have become a regular occurrence, according to seven current and former Gopuff employees. Insider talked to a dozen current and former Gopuff employees at both corporate and regional levels. At that meeting, he said he wanted to level up the talent of the company's warehouse managers, two former employees said. Another former Gopuff manager said the company's Amazon hires seemed to take little interest in learning how Gopuff had been doing things previously.

☆ German startup Gorillas is bringing its 10-minute grocery delivery to the US — and entering a fierce battle to disrupt the $100 billion online-grocery industry
▼ + stars: | 2021-05-26 | by ( Nancy Luna | ) www.businessinsider.com time to read: +7 min

Gorillas, which competes in Europe, is bringing its 10-minute delivery service to the US. Sümer believes Gorillas can break the habit of stockpiling groceries by offering US consumers on-demand delivery of "emergency" and "replenishment" groceries. He named the company Gorillas because his concept is "bold" and "authentic" just like a strong gorilla. It plans to expand to Italy in May, and also expand its delivery service to more US cities and European countries this summer. In Europe, Gorillas competes with Berlin-based Flink, Turkish delivery service Getir, and 10-minute delivery service Dija.

☆ The founder of $2.8 billion Getir explains why investors hope to find the next Uber among 10-minute grocery apps
▼ + stars: | 2021-05-01 | by ( Shona Ghosh | ) www.businessinsider.com time to read: +10 min

Turkey's Getir recently hit an eye-watering $2.8 billion valuation for its grocery delivery service. The hot new consumer trend for venture capital investors is grocery apps that promise deliveries in as little as 10 minutes. Turkish grocery delivery app Getir bills itself as the original gangster. The amounts of cash flooding into the sector and the accompanying valuations are puzzling, given that grocery delivery is famously low margin. Insider: Running a grocery business is quite different to ride hailing.

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