ALBAWABA – The Turkish grocery delivery firm Getir, has made a statement announcing withdrawal from the US, UK and Euorpean markets as it refocuses its financial resources back at home, possibly impacting over 6,000 jobs in the process.
The Istanbul based firm, according to TechCrunch, only generates about 7 percent of its revenue from the U.K., Germany, the Netherlands and the U.S, and while the company has not confirmed the number of job losses, an estimation of 6,000 employees are expected to be affected.
“Getir expresses its sincere appreciation for the dedication and hard work of all its employees in the UK, Germany, the Netherlands, and the U.S.,” the company’s statement read, adding “This decision will allow Getir to focus its financial resources on Turkey […] where it sees the biggest potential for long term sustainable growth.”
The company announced that it simultaneously secured a fresh funding round sponsored by Abu Dhabi sovereign wealth fund Mubadala and venture capital firm G Squared to strengthen its operations in Turkey, without revealing the sum of investments or an updated value for the corporation.
This step comes as a shocking hit to the once valued at $12 billion startup, which aimed to overtake the likes of Uber, according to Bloomberg but tripped due to high competition during the COVID Pandemic, landing at a mere $2.5 billion valuation last September when it raised $500 million.
