Getir, the grocery delivery app, has acquired rival company Gorillas in a deal believed to be worth around $1 billion.

Advanced talks for Getir to strike an acquisition deal with its rival were first reported by Bloomberg earlier this year.

The Turkish start-up, which was founded in 2015, hit a valuation of $7.5 billion last year.

In March 2022, the company received a further $800 million investment bringing its valuation to around $11.8 billion. According to the Financial Times, Getir is reportedly cutting its own valuation by around a quarter following the capital raise.

The new combined entity is valued at $10 billion, with Gorillas making up 12 per cent of the total, leaving the existing Getir business valued at $8.8 billion.

While exact terms of the acquisition were not disclosed, Gorillas was valued at around $1.2 billion, down from around $3 billion last year, according to people familiar with the deal.

Sources told Bloomberg the deal was likely to be a mix of cash and equity. People familiar with the matter have since told the FT that some of Gorillas’ investors — include Delivery Hero and Tencent -- will be paid around $40 million in addition to equity in Getir.

“Markets go up and down, but consumers love our service and convenience is here to stay,” Getir founder Nazim Salur. “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.”

Share Story: