Grocery-in-minutes company Getir's $1.2 billion deal to buy rival Gorillas is an important step toward consolidation in Europe's food delivery market, where companies are struggling amid a post-COVID slowdown.
QUICK COMMERCEGetir was valued at around $8.8 billion in Friday's deal, about seven times more than Gorillas due to its strong position in Turkey where it is based, analysts said.Other consolidators are Berlin-based Flink and Philadelphia-based GoPuff, which operates in the United States and Europe.
"We closed down a few hubs that were not profitable and we definitely put aside any kind of bigger expansion plans," amid the downturn, Radke said. Venture capital firms invested $125 million in the sector in two deals in 2022, down from $1.3 billion in thirteen deals in 2021, based on PitchBook data.
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Breakingviews - Food delivery M&A leaves sour taste in the mouthTwo rapid grocery delivery players are serving up an unappetising deal for their investors. Turkish company Getir, last valued at $11.8 billion in March, is gobbling up its German rival Gorillas. It values the target at $1.2 billion, a 60% cut to its last valuation acquired in last year’s funding round. Getir is also taking a valuation cut, as reported by the Financial Times, given that the combined group is now worth $10 billion.
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