Turkish fast delivery company Getir is reportedly exploring the sale of its online shopping platform n11 as part of discussions with investors regarding its new roadmap. Sources close to the matter indicate that Getir, which experienced rapid growth during the COVID-19 pandemic, is evaluating various options amid shifting market conditions.
Getir’s expansion efforts during the pandemic attracted significant investment and led to a valuation of $12 billion two years ago. However, with the end of the pandemic and a return to physical shopping by consumers, the company has faced challenges maintaining its high profit margins, particularly in Western Europe and the United States where it had expanded its operations.
Recent reports suggest that Getir is considering asset disposals, including the sale of its ride-hailing service BiTaksi and the U.S.-based online grocery application FreshDirect, which it acquired last year. Now, the potential sale of n11 is also on the table as the company seeks a viable path forward.
While Getir declined to comment on the matter, sources indicate that strategic discussions are underway, with various options being considered. This includes the possibility of exiting certain markets, such as the United States and Germany, where the company has faced challenges in meeting its expansion goals.
Founded in 2015 by Turkish businessperson Nazim Salur, Getir has attracted investments from notable entities such as Mubadala Investment Company, Sequoia Capital, and Tiger Global. Despite its initial success, the company is now reassessing its strategies in light of changing market dynamics and investor expectations.
As Getir navigates these challenges, the fate of n11 remains uncertain. However, the company’s willingness to explore alternative paths reflects its commitment to adapt and thrive in an evolving business landscape.
