Getirs woes are dragging on in Europe, raising concerns over the grocery delivery platforms future in the region.
The bidding closed on Thursday morning.
The companys attempts to increase cash flow come as its reportedly aiming for a fresh round offunding.
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Pitchbook datashows that Mubadala already invested in Getir 435.5mn in the second quarter of 2023.
This followed a 690.7mn investment in 2022, which however slashed the companys valuation by 42.4%.
Getirs need to increase capital and sales in the UK comes as its reducing its presence across Europe.
In the past few months, the startup has announced its exitingFrance,Spain, and Portugal.
German newspaperHandelsblattreports that the companys considering quitting Italy and the Netherlands as well.
This would effectively reduce Getirs operation to only two European markets: Germany and the UK.
The appetite for rapid grocery delivery seems to be fading away.
Story byIoanna Lykiardopoulou
Ioanna is a writer at TNW.
With a background in the humanities, she has a soft spot for social impact-enabling technologies.
