Following its upcoming exit from France, quick commerce startup Getir is losing yet another European market: Spain.
According to Spanish trade union CCOO, Getir failed to raise sufficient capital in a recent funding round. As a result, it will cease operations in the country and lay off its entire workforce of 1,560 employees.
“We condemn the disastrous business management of Getir, which has not known how to grow or have a market strategy in Spain. Now its staff will suffer the biggest harm,” the union said in a statement.
The Turkish-owned Getir Group emerged as the greatest rapid grocery delivery company in Europe, expanding across seven countries and gradually absorbing rival Gorillas and Frichti. It even reached decacorn status, after achieving a $12bn (€11bn) in March 2022. But in the post-pandemic world it has struggled to reach profitability.
The soaring inflation, stricter regulations on “dark stores” (where the products are stored before delivery), and consumer return to in-person grocery shopping have left quick commerce companies hanging in the balance.
With its user base and revenue in decline, the Getir group has moved to layoffs and mass store closures over the past few months. In France alone, the company counts €17.6mn in debt and was placed in receivership by the court of trade in Paris.
At the moment of writing, the startup has declined to comment on its upcoming exit from Spain. But according to the CCOO, it will comply with the national legal requirements for laid-off employees. These include an outplacement plan, 20 days’ severance pay per year with a maximum of 12 monthly payments, and a special agreement for individuals aged over 55.
Getir’s example proves an overarching trend in Europe: the appetite for rapid grocery delivery is fading away. Alongside Flink, Zapp, and Gopuff, Getir is among the last remaining companies in the region — where it seems that the quick commerce bubble is bursting.