Getir is exiting the US and its remaining markets in Europe to focus on its Turkish business.

The company said on Monday that these markets, including the UK, Germany, and the Netherlands, generate only seven per cent of its revenues, adding that the international exit would allow it to focus all of its financial resources on Turkey where it sees the “biggest potential for long-term sustainable growth”.

The move will likely lead to thousands of job losses, with the company employing around 1,500 people in the UK alone.

The decision comes just over a year after the Turkish grocery delivery app announced it was expanding into a number of European markets, including the UK, the Netherlands, Germany, and Paris.

The company raised more than $550 million in April 2023, bringing its valuation to more than $7.5 billion.

At the time, it said it would use the funding to drive its expansion in the US.

However, months later it announced exists from Italy, Spain and Portugal, citing a refocus of “financial resources on existing markets.”

Following this, in August of last year the business announced plans to cut around 11 per cent of its global workforce, or 2,500 jobs across Germany, the Netherlands, Turkey, the UK, and the US.

Grocery and food delivery firms like Getir experienced major expansion during the Covid-19 pandemic, but stronger than expected return to physical stores has had a negative impact on these ultra-fast delivery services.

This has been compounded by a cost-of-living crisis which has led consumers to seek cheaper options for their regular purchases.

Getir also announced this week that it has raised a new investment round, using the funds to improve its competitive position in its core food and grocery delivery businesses in Turkey. It did not disclose the sum of the funding round.

---