Embattled grocery startup Getir exits the U.S. and Europe, will refocus on Turkey

Grocery delivery startup Getir announced on Monday that it is quitting international markets including the U.K., Germany, the Netherlands and the U.S., marking a major setback for the once hyped online grocery industry.

The Istanbul, Turkey-based firm said in a statement that it was withdrawing from its U.S. and European markets and would now refocus its financial resources on Turkey.

The company said it raised a new investment round led by Abu Dhabi sovereign wealth fund Mubadala and venture capital firm G Squared "to bolster its competitive position in its core food and grocery delivery businesses in Turkey."

Getir said it generates 7% of its revenues from the U.K., Germany, the Netherlands and the U.S.

"Getir expresses its sincere appreciation for the dedication and hard work of all its employees in the UK, Germany, the Netherlands, and the U.S.," the company said.

Getir was one of the most-hyped online grocery delivery companies at the height of the Covid-19 pandemic in 2020 and 2021, when people around the world flocked to online services for their shopping purchases.

The company, which was founded in 2015, has raised a whopping $1.8 billion to date. Getir raised $768 million of that sum in 2022, at a sky-high valuation of $11.8 billion.

Getir's valuation has since sunk considerably, with the company having reportedly seen billions of dollars wiped off its market value.

Getir raised funds from key backers including Mubadala, G Squared and ex-Sequoia Capital partner Michael Moritz, at a $2.5 billion valuation, according to a September 2023 Financial Times report, citing unnamed sources familiar with the matter.

That would mark a hefty 79% discount to Getir's previously disclosed valuation. CNBC was unable to independently