The Turkish food delivery Getir announced its decision to withdraw from three European countries and is amid the finalization of a funding round at a total of US$150 from the Abu Dhabi investment firm Mubadala.
The grocery delivery startups like Getir have been hit after the panademic results eased, and many customers returned to demand their groceries physically.
The Turkish startup added it “intends to withdraw in an orderly manner” from the three countries, Reuters reported.
The company will continue to operate in the UK, the US, Germany, the Netherlands, and Turkey; those markets that the startup, will operate in, generate 96% of the company’s revenues.
The withdrawal’s main goal is to give more focus to the existing markets that already have positive financial results and more sustainable opportunities.
According to TechCrunch, the basis of the funding round is a $150 million loan that Mubadala provided to Getir at the start of this year. The loan was made in case the company would convert to equity if Getir could match the value with investments from others. The same source added that if it failed to raise more funding from others, Mubadala’s $150 million would double to a $300 million equity stake.
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