Türkiye’s grocery app Getir mentioned Friday it has acquired its German rival Gorillas as the web meals supply market consolidates following a increase in the course of the coronavirus pandemic.
A Getir firm spokesman instructed AFP that the acquisition valued the German firm at $1.2 billion however disclosed no different particulars of deal.
“Markets go up and down, but consumers love our service and convenience is here to stay,” Getir founder Nazim Salur mentioned in an organization assertion.
“Getir will continue to lead the industry it invented seven years ago.”
Getir’s valuation has surged since its creation by a bunch of Istanbul entrepreneurs and the US enterprise capital agency Sequoia in 2015.
The firm was price almost $12 billion in the beginning of the 12 months earlier than getting into a hunch that pressured it to fireside 14 p.c of its international workforce.
Gorillas has struggled to show a revenue since its creation in May 2020.
The Financial Times mentioned the deal valued the 2 merged firms at round $10 billion.
