Turkish Delivery Giant Getir Mulls Sale of E-commerce Arm n11 Amid Shift in Strategy

Getir, a prominent Turkish fast delivery startup, is reportedly in discussions with investors about potentially selling its e-commerce platform n11 as part of a new strategic direction. Sources familiar with the matter indicate that Getir is exploring various options for n11 while conducting a broader review of its business operations.

The fast delivery company, which experienced rapid growth during the COVID-19 pandemic and reached a valuation of $12 billion, is now facing challenges as the pandemic subsides and profit margins decrease. Getir has already taken steps to streamline its operations, including laying off 14% of its workforce in Turkey and announcing its departure from several European markets, such as France, Italy, Spain, and Portugal.

According to the sources, Getir is evaluating the potential sale of n11, which it acquired in early 2022, as part of its efforts to focus on its core fast delivery business and adapt to the evolving market conditions. The company may also consider exiting the United States market, where it acquired FreshDirect last year but has struggled to meet its expansion goals.

Why this matters: Getir's potential sale of n11 and strategic shift highlight the challenges faced by fast delivery startups as they adapt to the post-pandemic landscape. The consolidation and restructuring in the industry underscore the need for these companies to focus on profitability and sustainable growth in an increasingly competitive market.

Investor Talks: Getir's founder, Nazim Salur, and its investors, including Mubadala Investment Company and Tiger Global, are involved in the strategic discussions surrounding the company's future direction. While Getir has declined to comment on the specific options being considered or its plans for existing markets, the sources suggest that the company is seeking a "way out" and evaluating various possibilities as part of its new strategic roadmap.

As Getir navigates this critical juncture, the fast delivery industry will be closely watching to see how the company adapts and whether its strategic decisions will set a precedent for other players in the market.

Key Takeaways

• Getir, a Turkish fast delivery startup, may sell its e-commerce platform n11.
• Getir faces challenges as pandemic subsides, leading to layoffs and market exits.
• Getir evaluating potential sale of n11 to focus on core fast delivery business.
• Getir may also consider exiting the US market where it acquired FreshDirect.
• Getir's strategic decisions could set a precedent for the fast delivery industry.