May 31, 2022

In Europe, e-commerce enterprises have had a particularly difficult week. In the most recent development, TechCrunch has learned and confirmed that Getir, a $12 billion instant commerce start-up that delivers supermarket necessities and sundries and guarantees delivery in minutes, is laying off 14% of its global workforce. The Turkish company employs around 32,000 workers in its nine markets, which equals to 4,480 people who will be affected by the downsizing.

In addition to reducing employment, the company intends to scale back on some of its capital-intensive expansion, such as hiring, marketing, and promotions.

The reduction would differ by country, according to a letter we’ve read. (One source in Berlin suggested that the number of job layoffs in that city would be roughly 400, though Getir would not confirm this.) As part of this, the corporation has confirmed that it would not be leaving any specific country. Getir presently operates throughout Turkey, as well as the United Kingdom, Germany, France, Italy, Spain, the Netherlands, Portugal, and the United States.

This is a significant shift for a corporation that only two months earlier raised $768 million at a valuation of $11.8 billion.

But it’s not surprising given the current market environment, which has seen a decline in the finances and valuations of both large and small IT companies in the face of a broader market cooling.

Source: TechCrunch
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.