Getir’s acquisition of Gorillas is a death knell for fast trading

Turkish express delivery startup Getir has acquired German rival Gorillas. This further reduces the number of companies in Europe promising to get their grocery products to your door in minutes.

This merger left only three such businesses active on the continent: Getir, Berlin-based Flink, and US-based Gopuff.

According to a tweet from the founder of Getir, the Gorillas value of the acquisition fell from $3.1 billion in September 2021 to $1.2 billion. Gorillas has been among the most overrated startups in the instant grocery delivery industry, offering delivery times of less than ten minutes and numerous discounts.

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Founded in 2020, the company has expanded rapidly to include multiple European cities, reaching revenues of $2.6 billion in 2021.

This growth reflected a new business model for grocery delivery as quarantine restrictions push consumers to order products online.

To meet the growing demand at the time, startups like Gorillas and Getir established warehouse networks in cities, increased employee numbers, and invested in promotional codes and discounts to stay competitive.

Now, the fast-paced trading landscape has changed drastically as the COVID restrictions have been lifted. Earlier this year, Gorillas laid off 300 employees and exited four markets: Italy, Spain, Denmark and Belgium.