The company had expanded quickly to keep ahead of rivals, but like other pandemic darlings, its business lost steam after lockdowns were eased.
Getir, the rapid grocery-delivery company that boomed during Covid lockdowns, said it was ending its operations in the United States and Europe, a major retreat by another pandemic darling.
The company, which aimed to deliver groceries and other small conveniences in as fast as 10 minutes, said that it would refocus on its home base, Turkey. At its height, the privately held Getir was valued at nearly $12 billion after expanding quickly, buying up competitors and operating in nine countries.
The company announced the decision in a short statement on Monday, adding that FreshDirect, its U.S. subsidiary, would continue operations.
“Getir generates only 7 percent of its revenues from the markets it is exiting,” the statement said. “This decision will allow Getir to focus its financial resources on Turkey.”
Getir was all about speed. Dressed in purple and yellow outfits, Getir’s workers zipped around on bikes in cities across Britain, Germany, the Netherlands and the United States, including New York and Chicago. The company’s expansion was fast: Until 2021, Getir operated only in Turkey. Within a year, it was in six European countries. Its valuation surged — to $11.8 billion in 2022 from less than $3 billion a year earlier.
It snapped up rivals, such as the Spanish company Blok in mid-2021, just five months after Blok was founded. It also bought better-known brands such as Weezy in Britain and the German firm Gorillas. In 2021, Nazim Salur, a founder of Getir, said the company’s expansion was “a race against time” before competitors caught up.