(Bloomberg) -- Getir, once a darling of the delivery startup world valued at $12 billion, is weighing asset sales and potential exits from non-core markets...
-- Getir , once a darling of the delivery startup world valued at $12 billion, is weighing asset sales and potential exits from non-core markets as it faces pressure from investors to cut its losses.The Turkish grocery delivery company, which saw business skyrocket during the Covid-19 pandemic as deliveries surged, is now exploring options including selling off or shuttering assets around the world, people familiar with its situation said.
Getir declined to comment. Investors including Sequoia and Tiger Global didn’t immediately respond to a request for comment.Advisers Alix Partners are expected to present restructuring options to Getir and its investors within two weeks, the people said, adding that discussions are ongoing and no final decisions have been made. Job cuts will likely depend on whether operations are sold or shuttered, they said.
These companies offered a limited selection of groceries through apps, shipping out products from small urban warehouses via couriers on mopeds or bicycles. “The best-case scenario would have been breaking even,” she said, adding that online grocery shopping represents a small percentage of e-commerce. “This model would be a small chunk of that small chunk.”
Grocery Delivery Tiger Global Getir
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Delivery Firm Getir, Once Valued at $12 Billion, Weighs Sales and Market ExitsGetir, once a darling of the delivery startup world valued at $12 billion, is weighing asset sales and potential exits from non-core markets as it faces pressure from investors to cut its losses.
Read more »
Petrobras Bondholders Left Unscathed After $12 Billion Equity RoutPetroleo Brasileiro SA’s decision to skip a special dividend amid political pressure from President Luiz Inacio Lula da Silva triggered an equity selloff that wiped billions from the state-owned oil producer’s market capitalization. Bondholders, however, are doing just fine.
Read more »
Singapore $12 Million Penthouse Sale Flops After Three AuctionsIn the past, a luxury penthouse for sale in Singapore would be one of the hottest properties in town. Not anymore, after a condo with an asking price of almost $12 million failed to attract any bidders this week.
Read more »
Report: Martinez agrees to $12 million, one-year contract with MetsJ.D. Martinez has a new home, agreeing to a $12 million, one-year contract with the New York Mets on Thursday, according to a person familiar with the deal.
Read more »
Bitcoin: How $12 billion in ETF inflows and yields changed crypto-adoptionWhile addressing volatility in cryptocurrencies, Austin Reid shed light on the prospect of introducing new types of financial products.
Read more »
Toronto Police Service Spends Over $12 Million Policing ProtestsThe Toronto Police Service has announced that over $12 million has been spent on policing protests in the city since October. This includes regular costs and overtime hours needed to engage with hundreds of demonstrations. The figure has increased by almost three million dollars since mid-February.
Read more »