-- Getir, once a darling of the delivery startup world valued at $12 billion, is weighing asset sales and potential exits from non-core markets as it faces pressure from investors to cut its losses.The Turkish grocery delivery company, which saw business skyrocket during the Covid-19 pandemic as deliveries surged, is now exploring options including selling off or shuttering assets around the world, people familiar with its situation said.
Getir declined to comment. Investors including Sequoia and Tiger Global didn’t immediately respond to a request for comment.Advisers Alix Partners are expected to present restructuring options to Getir and its investors within two weeks, the people said, adding that discussions are ongoing and no final decisions have been made. Job cuts will likely depend on whether operations are sold or shuttered, they said.
These companies offered a limited selection of groceries through apps, shipping out products from small urban warehouses via couriers on mopeds or bicycles. “The best-case scenario would have been breaking even,” she said, adding that online grocery shopping represents a small percentage of e-commerce. “This model would be a small chunk of that small chunk.”
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