Management Feud at Delivery App Getir Turns Bitter After Exits

Source:Bloomberg Date:14May2024

Or, why Arab investors are shy about Turkey.

The internal strife is a sign of the once-hyped rapid delivery market – and its flagship company – crashing back to reality. Getir’s promise to deliver groceries in 10 minutes worked well in Turkey – where labor and operating costs are low – but was tougher to execute abroad, despite the startup raising a mammoth $2 billion in venture capital to fund its expansion, according to data from PitchBook.

As pandemic-era lockdowns eased and costs rose, Getir’s valuation fell from $11.8 billion two years ago to $2.5 billion as of September. Other investors in Getir include marquee tech-investment firms Sequoia Capital and Tiger Global, and former Sequoia Capital partner Michael Moritz.