Rapid grocery service Getir could pull out of the Netherlands and Italy

Rapid delivery service Getir is considering a departure from both the Dutch and Italian markets, according to Handelsblatt. Unnamed sources told the German business newspaper that Getir is struggling with significant losses, and the company wants to attract additional investments from lenders bolstered by cost cutting. Getir declined to comment to Handelsblatt.

Headquartered in Istanbul, Turkey, Getir took over its German rival, Gorillas, earlier this year. The company has already pulled out of Spain, Portugal and France.

If the company also leaves the Netherlands and Italy, it will essentially remain active in four markets. Those include its home market, Turkey, as well as the United Kingdom, the United States and Germany, according to Handelsblatt.

The newspaper reported that Getir burns through 80 to 100 million dollars every month. The company now wants to attract additional money to continue its activities. Getir's largest lender is Mubadala Investment Company, Abu Dhabi's sovereign wealth fund.

The newspaper cited data from Pitchbook which showed that Getir raised 2.3 billion dollars in venture capital since its founding. Management is now seeking an injection of 500 million dollars, but would settle for 250 million if offered.

The ultrafast delivery of groceries grew strongly as a business during the coronavirus pandemic. But now the market is cooling down sharply because of the uncertain economic outlook and high inflation. This is causing consumers to keep their purse strings tighter.

To cut costs further, Getir has been experimenting with a franchise model in Germany, where its dark stores can be independently owned, Handelsblatt reported.