Fell from $11.8B to a $2.5B 2023 round, then a 2024 Mubadala emergency recap of its Turkey-only business at an implied valuation around $0.5B
The rise & fall
8 moments Β· 2015β2024
The key moments, with employee sentiment along the way.
2015
π±
2015
Founded in Istanbul
NazΔ±m Salur pitches groceries "in minutes" years before the rest of the world catches on.
TechCrunch
2021
π¦
2021
Joins the unicorn club
The pandemic delivery boom sends Getir sprinting across Europe, backed by Mubadala, Sequoia and Tiger Global.
Sifted
Mar 2022
π
Mar 2022
The peak: $11.8B$11.8B
One of the last great quick-commerce rounds lands near the very top of the market.
Sifted
2022
2022
The instant-delivery bubble pops
Funding for ten-minute groceries dries up and a layoff wave sweeps through.
TechCrunch
Sep 2023
π
Sep 2023
Falls out of the club$2.5B
A down round slashes the valuation from $11.8B to $2.5B.
Sifted
2024
2024
Retreat to Turkey
Getir exits the US, UK, Germany and the Netherlands to focus on its home market.
AGBI
2024
2024
Mubadala's emergency rescue$500M
A $250M recapitalization hands Mubadala majority control of the Turkey-only business, at an implied value around $0.5B.
GlobalSWF
2022β24
π¬
From the inside Β· Glassdoor reviews, 2022β24
Glassdoor reviews caught the contraction early: employees described a 2022 layoff wave that pushed talented colleagues out and abrupt top-down decisions handed down without room for feedback, while couriers wrote of chaotic scheduling and delayed pay.
π¬ entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor β; dated facts carry their source.
How it happened
Getir was the Turkish quick-commerce pioneer that promised grocery delivery in minutes and, at the height of the 2021-22 boom, expanded across Europe and the US to reach an $11.8B valuation backed by Mubadala, Sequoia and Tiger Global.
The instant-delivery bubble burst: a September 2023 round cut its valuation to $2.5B, and Getir retreated from the US, UK, Germany and the Netherlands to focus on Turkey, before a 2024 Mubadala recapitalization implied a value well below $1B.
Source: Sifted / GlobalSWF / AGBI (Turkish quick-commerce pioneer backed by Mubadala, Sequoia and Tiger Global; peaked at an $11.8B valuation in March 2022; a Sept 2023 round cut it to $2.5B; after exiting the US, UK, Germany and Netherlands, Mubadala led a $250M emergency recapitalization in 2024 taking majority control of the Turkey-only business, implying a valuation well under $1B)
