Getir at risk of running out of cash

Getir is understood to be weeks away from having no cash left as its founder has reached an impasse with investors over a rescue plan to keep the company afloat.

According to Sky News, shareholders having been demanding an overhaul of the governance and leadership of the rapid delivery firm, which in April, confirmed it would be exiting the UK market.

Sources told the publication on Monday (3 June) that tens of millions of pounds worth of funding would be needed to restructure Getir’s Turkish business, and that this would not be provided unless founder Nazim Salur implemented changes that had been agreed on previously.

This would include Salur taking a step back from his leadership role and restoring Derya Erdemli to her former position of chief strategy officer.

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Without another financing solution, insiders have claimed that Getir could be left with no cash as quickly as this month.

Following its exit from the UK, which puts 1,500 jobs at risk, the firm has said it will focus on its domestic market in Turkey instead – which accounts for 93% of its revenue.

However, it will retain its US arm FreshDirect, which it only acquired from Ahold Delhaize in November 2023.

In a statement at the time, it said: “Getir has raised a new investment round, led by Mubadala and G Squared. Getir will utilize these funds to bolster its competitive position in its core food and grocery delivery businesses in Turkey.”

Despite this investment round, the rest of the funding will depend on whether Salur meets with shareholders to implement the changes.



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