Getir, the once highly valued grocery delivery platform, is now facing a potential radical restructuring just two years after being valued at nearly $12 billion (£9.6 billion). According to sources, the company is in talks with its leading investors to explore various options, including a possible break-up, exiting certain markets, or implementing an emergency restructuring mechanism.
Despite rumors of insolvency, a source close to the company denied such claims, stating that any exits from markets would be done in an orderly fashion. The next few days are crucial for Getir, with key decisions about its future expected to be made in the coming weeks.
The potential restructuring could put thousands of jobs at risk across the markets where Getir operates. AlixPartners, a restructuring firm, is reportedly advising the company on the situation.
This development underscores the declining valuations of technology companies that were once seen as the future giants of the economy. At one point, Getir was valued higher by private investors than major retailers like Marks & Spencer and J Sainsbury combined.
Backed by investors such as Mubadala, Sequoia Capital, and Tiger Global, Getir was a standout start-up during the pandemic, attracting billions in funding. However, its valuation has plummeted in recent months, leading to workforce cuts and market exits.
As the industry faces consolidation and challenges, Getir’s future remains uncertain. The company’s spokeswoman emphasized its agility and commitment to announcing decisions when made, leaving stakeholders eagerly awaiting updates on its next steps.