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Havish Gupta
Figuring Out • 2d
The $12 Billion QCom Startup You Never Heard Of! This is the story of Getir, a QCom startup founded by Nazım Salur in 2015 in Istanbul. Urban living was becoming more fast-paced, and there was a growing demand for instant access to everyday items without the hassle of visiting stores. Thus, he started Getir, which means "bring" in Turkish. Their early model was quite similar to Zepto. You order on their app, and Getir deliver goods using a fleet of cycles using its network of small warehouses. After initial success in Istanbul, they expanded their services to other Turkish cities. By 2019, they were doing 1.5 million monthly orders and generated sales of $200 million. After COVID, in July 2021, Getir bought Spanish startup BLOK, expanding to multiple European cities. Four months later, they bought UK-based hyper-fast grocery delivery startup Weezy. Then, in March 2022, they raised a Series E funding round, raising $768 million at a $12 billion valuation. In the same year, they bought Gorillas, Germany's leading QCom company, for $1.25 billion. But here's the twist. After all this expansion, since 2023, they have started to withdraw their services from Spain and Portugal, and halted operations in France, with plans to soon exit the UK. Their statement was that their focus is now solely on the Turkish market. During this period, they were struggling because they were trying to raise $500 million at a $2.5 billion valuation (80% down from peak). In September 2024, Mubadala was planning to take a controlling stake in Getir with a $250 million investment and potential restructuring, but there’s been no update since then. Anyways, looking at this, it's good to see that Zepto didn’t expand so quickly and stuck to the Indian market. What do you think?
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