Getir, the Turkish grocery delivery firm, exits the European and U.S. markets.

On Monday, Turkish grocery delivery company Getir announced its withdrawal from the European and U.S. markets, redirecting its focus to its primary market in Turkey.

Amidst the COVID-19 pandemic, Getir experienced rapid growth, garnering attention from prominent investors and achieving a valuation of $12 billion two years ago. It expanded its operations extensively across Western Europe and the United States. However, with the conclusion of the pandemic and the resurgence of in-person shopping, dwindling profit margins posed challenges in covering costs associated with investments in these markets.

In a statement, Getir declared its intention to concentrate on Turkey, recognizing it as the primary market with the highest potential for sustainable long-term growth. As part of this strategy, the company announced its withdrawal from Britain, Germany, the Netherlands, and the United States.

A source familiar with the matter revealed that Getir is willing to engage in discussions regarding the disposition of its assets in the departing markets. Furthermore, Getir disclosed securing fresh funding from Mubadala and G Squared, stating its intent to utilize the capital to enhance its competitive position in Turkey.