Istanbul-based Getir is in “advanced talks” to acquire Berlin-based on-demand grocery delivery company Gorillas, reports Bloomberg News.
According to Bloomberg’s sources, the proposed deal would be a mix of cash and equity. However, no final decisions have been made yet. A few months back, Gorillas explored various options with JPMorgan, including selling some or all of its business.
Gorillas’ acquisition will enable Getir to scale in important European markets, including the UK and Germany. A year ago, Getir acquired London’s grocery delivery company Weezy as a part of its expansion strategy.
Besides Weezy, the Turkish company also acquired Barcelona-based instant delivery startup BLOK for an undisclosed figure to cement its position in the European market.
Gorillas: What you need to know
Founded in 2020 by Kagan Sumer, Gorillas is a grocery delivery provider that claims to deliver desired goods from the cart to the doorstep in just 10 minutes.
During the COVID-19 pandemic, the German company expanded rapidly and became Europe’s fastest unicorn. In September 2021, Gorillas raised €810M in funding in a Series C round, valuing the company at $3B.
Since then, Gorillas has struggled to raise capital after investors became more cautious about the money-losing industry.
In May, the company laid off 300 team members to cut costs and extend the runway.
In June, Gorillas ceased its operation in Belgium, handing off some of its businesses to Belgium’s organic and seasonal products delivery firm, Efarmz. As a result, around 240 employees lost their jobs.
The company also planned to close its operations in Denmark, Italy and Spain, and focus on reaching profitability in its five key markets – Germany, France, the UK, the Netherlands, and the US.
According to Gorillas, over 90 per cent of the company’s revenue comes from these markets.
Getir: Recent developments
Founded in 2015 by Nazım Salur, Serkan Borançılı, and Tuncay Tütek, Getir is a last-mile delivery platform with a 10-minute grocery delivery proposition.
In March, Getir reached decacorn status after raising nearly €694M in its Series E round at a valuation of $11.8B. The company was backed by Mubadala Investment Company, Alpha Wave Global, Sequoia Capital, and Tiger Global.
Getir is operational in all 81 cities of Turkey. Throughout 2021, Getir launched operations in cities worldwide – the UK in January, the Netherlands in May, Germany, France in June, Spain, Italy in September, Portugal in October, and the US in November.
The company also has associated businesses, including GetirFood, GetirMore, GetirWater, and GetirLocals.
