Turkiye-based rapid grocery delivery company Getir is in discussions regarding a potential financial restructure after being valued at $12bn in 2022.
Sky News has reported that the company is exploring options with its principal investors.
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Getir has expanded into five markets including the UK.
The potential restructure could lead to a division of the rapid delivery group, withdrawal from several markets or the execution of an emergency restructuring process.
A source close to Getir stated that insolvency is not being considered and that if market exits are necessary, they will be conducted in an “orderly fashion.”
Sky News reports that pivotal decisions about the company’s direction are expected by the end of April 2024.
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By GlobalDataThe potential restructure also raises concerns about the future of thousands of employees.
Restructuring company AlixPartners is providing advisory services for Getir.
In 2023 the company announced that it would cut 10 % of its current workforce – around 2,500 jobs – across five countries as part of restructuring plans.
In early 2022, Getir was valued at $11.8bn after raising $768m in a Series E funding round led by the Mubadala Investment Company.
The Abu Dhabi Growth Fund, Alpha Wave Global, Sequoia Capital and Tiger Global participated in the round as major investors.
In December 2023 Getir completed the acquisition of US-based online grocery retailer FreshDirect.
