After many rumors and speculation, Turkish grocery delivery firm Getir confirmed the acquisition of its Berlin-based rival Gorillas for an undisclosed amount.
“Markets go up and down, but consumers love our service, and convenience is here to stay,” Getir founder Nazim Salur says in a statement. “The super fast grocery delivery industry will steadily grow for many years, and Getir will lead this category it created seven years ago.”
As per the reports from Financial Times, the deal values Gorillas at around $1.2B, and the combined group values around $10B. According to the previous reports, the deal would be in the form of equity and cash, however, the company didn’t confirm this.
“This acquisition reaffirms our long-term commitment and dedication to the sector and underscores how Getir leads consolidation in the industry. It will allow us to provide an even better service to our valuable customers and affirms our belief that this sector has a bright future,” shares the company.
The announcement comes eight months after raising $768M in a Series E funding round, bringing the valuation to $11.8B.
Struggling Gorillas
Based out of Berlin, Gorillas rapidly expanded to more than 60 cities – including Amsterdam, London, Paris, Madrid, New York, Milan, and Munich – and established more than 230 micro-fulfillment centers in nine countries.
After just nine months, the startup achieved Unicorn status faster than any German company. However, post-pandemic, the company struggled to raise funding and laid off around 300 employees. On top of that, the company ceased its operation from markets generating less revenues, including Belgium and Italy.
Consequently, the company’s valuation dropped from $3B to $1.2B in recent months. At that point Gorillas has two options — sell or go out of business. The German company chose the former.
10 minutes grocery delivery service
Founded by Nazim Salur, Serkan Borancili, and Tuncay Tütek, Getir has been revolutionising delivery services since 2015 with its proposition to deliver groceries within 10 minutes.
Since January 2021, the grocery delivery company has successfully expanded its operations across Europe and the US.
Getir has operations across three continents, delivering to customers in nine different countries – the United Kingdom, Germany, France, Italy, Spain, Netherlands, Portugal, and United States.
Getir’s delivery model and emphasis on fast service help people save time on grocery shopping to focus on what matters to them.
Currently, the company offers some 2,000 everyday supermarket products, from chocolate to water, from dairy to cleaning products, and from chips to pet food – all delivered in minutes.
In addition to grocery delivery, Getir is known for offering industry-leading working conditions, including full-time positions and associated benefits for couriers and packers.
