Getir raises cash to fund UK and Europe retreat

Getir is understood to be seeking an injection of cash amounting to “tens of millions” as it prepares to quit the UK, Germany and the Netherlands to focus on its core market of Turkey, Sky News reported.

Getir investors, including Abu Dhabi state fund Mubadala, Sequoia Capital and Tiger Global, are thought to have lent their backing to the funding proposal.

The on-demand etailer had been valued at as much as £10bn in the past. It would use the cash injection to invest in its Turkish operations as well as to exit the European markets, where it had – along with other rapid delivery specialists – expanded rapidly.

Founded in 2015, Getir and its peers grew during the pandemic and its aftermath, when locked down consumers turned to online companies for their purchases.

However, since then a raft of online retailers and on-demand businesses have suffered as more traditional shopping patterns reestablished themselves and physical stores enjoyed a resurgence.

Getir has already retreated from countries including Italy and Spain. The withdrawal from the UK is likely to jeopardise about 1,500 jobs.