Getir in advanced talks to acquire rival Gorillas

Getir is in advanced talks to acquire rival rapid delivery firm Gorillas, people familiar with the matter said, according to a report by Bloomberg.

According to the publication, the proposed deal would be a mixture of cash and equity, although no decisions have been finalised and ongoing discussions may not result in a transaction.

The potential acquisition would give Getir greater reach in key European markets including the UK and Germany.

Gorillas, which raised funds last year at a $3 billion valuation, has been pondering a sale after investors became concerned about the profitability of the wider quick commerce industry. The company has previously held talks with various competitors to explore a potential sale or merger, says Bloomberg.

The news comes as the rapid grocery delivery industry continues to consolidate, with Getir acquiring Weezy in 2021 and Gorillas buying French firm Frichti this year.

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Back in May this year, Gorillas announced it was laying off 300 employees and exiting four markets — Italy, Spain, Denmark and Belgium — seeking to shift from “hyper growth” to “a clear path to profitability.”

The company also retreated from its native German market back in August, leaving four cities in North Rhine-Westphalia.

Gorillas’ chief executive officer Kagan Sumer said earlier this year that he was looking for new financing to refocus the company to work toward profitability.

Moreover, Getir, which launched in 2015, raised nearly $800 million in March at a valuation of $11.8 billion to expand its ultra-fast delivery business.

Representatives for Getir and Gorillas declined to provide comment to Bloomberg.