Delivery Startup Getir Eyes Acquiring Gorillas

Istanbul-based delivery startup Getir is in advanced talks to buy rival Gorillas Technologies GmbH.
The proposed deal would be a mix of cash and equity, Bloomberg reported.
The combination would give Getir, backed by Mubadala Investment Co and Sequoia Capital, scale in key European markets, including the U.K. and Germany.
Gorillas, which last raised funds at a $3 billion valuation a year ago, explored options after investors became more cautious about the money-losing industry.
Getir agreed to buy U.K. startup Weezy in late 2021, while Gorillas acquired France’s Frichti earlier this year.
CEO Kagan Sumer had shared plans to seek new financing to recalibrate the company to work toward profitability.
The industry received billions of venture capital dollars during a pandemic-fueled boom. However, rising interest rates and plunging valuations for public technology companies have prompted a shift in strategy.
In September, DoorDash, Inc (NYSE:DASH) expanded its selection with critical partners, including Sprouts Farmers Market, EG America, Big Lots, and DICK’s Sporting Goods spanning multiple categories, including grocery, convenience, sporting goods, home goods, and more.