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Grocery Delivery Firm Getir Acquires its Rival Gorillas for $1.2bn

The Turkish delivery company Getir has bought its German rival Gorillas in a deal worth $1.2bn. The deal values the combined group at $10bn as the rapid-delivery sector consolidates.

The two companies were among the companies which benefited the most from the pandemic’s surge in start-up financing. Getir was one of the first businesses to test the fast commerce model, with the support of Sequoia and Tiger Global in the form of venture capital. Gorillas, founded in May 2020, was one of the most hyped startups in the rapid-delivery sector and expanded rapidly during the coronavirus lockdowns.

However, a challenging market environment is affecting loss-making grocery delivery services. The acquisition would value Gorillas at $1.2 billion and the larger Getir business at $10 billion. That would indicate reductions of 61% and 15% from their most recent estimates, respectively.

“Markets go up and down, but consumers love our service and convenience is here to stay,” said Nazim Salur, founder of Getir, in a statement confirming the deal without disclosing financial details. “The super-fast grocery delivery industry will steadily grow for many years to come and Getir will lead this category it created seven years ago.”

Written by: Quynh Chi Le

Sources: Financial Times, Reuters

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