Getir, the grocery app that has expanded at breakneck speed to become the world’s most valuable fast-delivery platform, is weighing a series of asset sales as part of emergency restructuring talks.
Sky News has learned that Getir, which was founded in Turkey and has a large presence in the UK, is studying possible disposal options, including US online grocer FreshDirect, which it acquired late last year.
The company, which gained brand recognition through a three-year sponsorship of Tottenham Hotspur training kit, is also said to be considering selling Turkish ride-hailing service BiTaksi.
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Getir is one of the shirt sponsors of Tottenham Hotspur. Image: Alex Morton/Tottenham Hotspur Football Club/Shutterstock
Abu Dhabi state-backed investor Mubadala, a minority shareholder in Getir, is keen for Getir to carry out a series of asset sales, city sources said.
AlixPartners is advising Mubadala on the restructuring of Getir, the sources added, while warning those disposals would not necessarily happen.
News of the potential move came days later Sky News reveals Getir is discussing a complete restructure Just two years later it was valued at nearly $12bn (£9.6bn).
The company has exited several countries including Italy and Spain in an effort to cut losses and currently operates in five markets including the UK and Turkey.
A source close to the company denied over the weekend that it was considering any form of bankruptcy proceedings, saying that if the company decided to exit a country it would do so “in an orderly manner.”
A sweeping restructuring could put thousands of jobs in its markets at risk.
The talks highlighted a sharp decline in the valuations of technology companies once hailed as the new giants of major economies.
Private investors once valued Getir at more than Marks & Spencer and J Sainsbury’s combined.
Getir advertises on London buses. iStock file images
Getir is backed by well-known investors including Mubadala, Sequoia Capital and Tiger Global.
The company has been one of the hottest startups during the pandemic, as financiers poured billions of dollars into companies they believed would benefit from structural shifts in the economy.
Getir, which means “bring” in Turkish, raised more than $750 million in a funding round in early 2022 at a valuation of $11.8 billion.
Its valuation has since fallen sharply.
In September last year, Getir also announced significant layoffs, laying off about 2,500 people, accounting for about 10% of its global workforce.
Founded in 2015, Getir is one of many companies promising fast delivery of groceries and other essentials to urban consumers.
The industry’s sales have exploded during the coronavirus crisis, with emerging trends such as working from home boosting investor confidence that the boom is sustainable.
Many of its rivals have gone bankrupt, while others have been swallowed up in a desperate wave of consolidation.
Getir itself acquired Gorillas in a $1.2 billion stock deal that closed in December 2022.
“Getir generally does not comment on rumors,” a spokesman said Tuesday.
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