UPDATE 1-Turkish grocery delivery company Getir pulls out of Europe, U.S.

Dow Jones Industrial Average +0.59%
S&P 500 index -1.39%
NASDAQ -2.77%

Dow Jones Industrial Average

DJI

41198.08

+0.59%

S&P 500 index

SPX

5588.27

-1.39%

NASDAQ

IXIC

17996.92

-2.77%

Adds quote, source comment, background

- Turkish grocery delivery company Getir said on Monday it was withdrawing from its European and U.S. markets to focus on its main Turkish market.

Getir grew rapidly during the COVID-19 pandemic, attracting high-profile investors and reaching a valuation of $12 billion two years ago as it established operations across Western Europe and in the United States.

But as the pandemic ended and people returned to physical shopping, high profit margins fell, making it difficult to meet costs arising from investments in these markets.

"Getir will focus on Turkey, its main market where it sees the greatest potential for long-term sustainable growth," it said in a statement, announcing that it had decided to exit Britain, Germany, the Netherlands and the United States.

A source close to the company said Getir is open to talks on what it will do with its assets in the markets it is leaving.

Getir also said it had secured new financing from Mubadala and G Squared, adding that it would use the funds to increase its competitiveness in Turkey.


(Reporting by Ebru Tuncay;
Writing by Ece Toksabay and Daren Butler;
Editing by Louise Heavens)

((ece.toksabay@tr.com;))

Every question you ask will be answered
Scan the QR code to contact us
whatsapp
Also you can contact us via