The Albany Gazette - Getir cuts over tenth of global workforce

The announcement follows Getir's retreat from France and decision to wind down operations in Italy, Spain and Portugal.

Getir said it was laying off 2,500 additional "couriers, warehouse and office workers", representing 11 percent of its remaining staff.

The layoffs will come in five countries where Getir intends to maintain operations -- Turkey, Britain, Germany, the Netherlands and the United States.

"We have decided to restructure our global organisation in order to significantly increase our operational efficiency," the company said in a statement released to AFP.

"We will implement this difficult decision... in full compliance with the laws of the countries in which we operate."

Founded in Istanbul in 2015, Getir won substantial financial backing from investors such as the California-based investment funds Sequoia Capital and Silver Lake as well as the Emirati sovereign wealth fund Mubadala.

Getir reached its zenith during the coronavirus pandemic, when restaurant and grocery deliveries boomed.

A self-proclaimed pioneer in ultra-fast grocery delivery model, it expanded to nine countries on three continents, entering the Spanish market towards the end of 2021.

But its rapid expansion never resulted in profits, and Getir has been downsizing for much of the past year.

Getir was valued at $12 billion during its last attempt to drum up funding in March.

The company is now reportedly seeking an additional $500 million in funding to maintain operations.

The funding drive is being spearheaded by Mubadala, signalling continued interest from the Abu Dhabi-based team.

"We will lead the sector in the coming period, preserving our belief in the future of this business model," Getir said.

(O.Joost--BBZ)