Rapid grocery delivery boom comes to a grinding halt, page-2

Hi Benjamin,

An Interesting article

It sounds like the MD of Getir has looked into the crystal ball and realised that the capital markets are turning their backs on funding rising revenue streams and that if he wants to float the company next year it will need to be profitable.

Also interesting to learn that they have raised $1.8 billion and had a valuation of $12 billion

“The current macroeconomic climate has become incredibly challenging, with very little visibility of when things will improve. This uncertainty is seeing investors reduce their risk appetite considerably, favouring profitability over growth,”

“As a venture-backed scale-up that will need to fundraise again in the future, we therefore need to adjust our business plan to reduce costs and accelerate our path to profitability.”

Getir told staff Wednesday that it plans to reduce its global headcount by 14%. The Turkish company employs more than 6,000 people worldwide, according to LinkedIn.

“With a heavy heart, we today shared with our team the saddening and difficult decision to reduce the size of our global organisation,” the firm said in an emailed statement.“We will also decrease spending on marketing investments, promotions, and expansion.”

Reluctant to dilute his stake in the company any more than necessary, Salur said Getir won’t take on more cash than it needs to.

We are certainly better served having a profitable client with a reduced and realistic growth plan.