The archive · Commerce & Marketplaces · Strategic decision · 2015–2024
Getir's $12B quick-commerce bet folds: 10-minute delivery exits US, UK, Europe
Getir raised $2.3B to take 10-minute grocery delivery global; by 2024 the $12B Turkish unicorn had closed US, UK and Europe and was selling itself to Uber.
Getir
What the business is
Turkish 'instant delivery' app Getir (Turkish for 'bring') delivering groceries in minutes, then rolling the model out across Europe and the US.
How it started
Founded 2015 in Istanbul by Nazım Salur, Getir proved overnight convenience in Turkish cities, then used the pandemic lockdown to raise aggressively for a global land-grab.
What happened
Between 2017 and Sept 2023 it raised $2.3B+ from 36 investors (Sequoia, Tiger Global, Silver Lake, Mubadala). It bought German rival Gorillas in Dec 2022 and US grocer FreshDirect in Nov 2023, exiting Spain, Italy and Portugal in July 2023. 2023 revenue was $3.3B but no geography was EBITDA-positive.
How it ended up
On 2024-04-29 Getir announced it would shut the US, UK and Europe — 6,000+ jobs, just 7% of revenue — and retreat to Turkey on a fresh Mubadala/G Squared round. In Feb 2026 Uber agreed to pay $335M for its Turkish food-delivery arm and $100M for 15% of its grocery business.
Background
Getir launched 10-minute grocery delivery in Istanbul in 2015 — 'getir' means 'bring' in Turkish — and staked its bet on the pandemic, when locked-down consumers paid a premium for instant groceries. By 2022 it was valued near $12B, had raised $2.3B+ from 36 investors including Sequoia, Tiger Global, Silver Lake and Mubadala, and employed 32,000 people across two continents.
Expansion was bought, not built: Getir acquired German rival Gorillas in Dec 2022, US grocer FreshDirect in Nov 2023, and picked up smaller operators in Spain, Italy and the UK at bargain prices. But the economics never turned: 2023 revenue of $3.3B came with no EBITDA-positive geography, and the company cut 14% of staff in May 2023, then exited Spain, Italy and Portugal in July 2023.
On 29 April 2024 Getir announced it would shut the US, UK and Europe — 6,000+ jobs impacted, just 7% of revenue — and retreat to its home market on a fresh round led by Mubadala and G Squared. On 9 Feb 2026 Uber agreed to pay $335M for Getir's Turkish food-delivery business plus $100M for 15% of its grocery, retail and water arm, effectively liquidating the $12B quicksilver unicorn.
What has to be true
- Deep-discount 10-minute delivery had negative unit economics from day one; growing it across 9 countries made losses scale, not disappear (2023: $3.3B revenue, no profitable region).
- The pandemic demand spike was temporary: as lockdowns ended, people returned to in-store shopping and instant delivery became a paid luxury most customers would not sustain.
- Buying rivals (Gorillas, FreshDirect, Weezy) for scale added integration costs and debt without pricing power; losing Spain, Italy and Portugal barely dented the burn.
- Control drifted to the lifeline provider: Mubadala's 2025 restructuring was challenged by a co-founder in a Dutch court as an 'illegal coup', and rejected — the founder had lost the company.
What can be applied
A distinctive experience doesn't excuse broken unit economics: once subsidies stop, 10-minute delivery fails, and expanding losses globally before you're profitable just makes the collapse bigger.
Aftermath
After the April 2024 retreat Getir shrank to Turkey, where a Mubadala-led restructuring spat reached the Dutch courts in Jan 2025 (founder's lawsuit rejected). In Feb 2026 Uber agreed to buy the delivery business from Mubadala for $335M plus $100M for 15% of the grocery arm; Uber will fold it into Trendyol Go, bought for $700M in May 2025. Court filings valued Getir's group assets at $374M — against roughly $2.4B of venture capital raised and a $12B peak valuation.
Sources
- Getir pulls out of US, UK, Europe to focus on Turkey — 6,000+ jobs impacted
- Uber to buy delivery arm of Turkey's Getir
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