Getir pulls out of Spain, Italy, and Portugal after funding woes

The last mile delivery company which promises to deliver items ‘in minutes’ is facing a ‘cash crisis’ and failed to close a funding round which was reported to be as high as $500 million.

Because of this, the company is now withdrawing its services from Spain, Italy, and Portugal and gave the following statement:

“The ‘ultrafast’ grocery delivery pioneer, announced that it intends to withdraw in an orderly manner from Spain, Italy, and Portugal.

At the same time, Getir is finalising a funding round and will continue to operate in the UK, the US, Germany, the Netherlands, and Turkey, which generate 96% of the company’s revenues.

Getir’s withdrawal from these three markets will allow it to focus its financial resources on existing markets where the opportunities for operational profitability and sustainable growth are stronger.”

Source: logisticsmanager.com