TechnologyGetir invested 34 million euros to launch its service in Spain in 2021 while its parent company lost more than 500 million

Getir invested 34 million euros to launch its service in Spain in 2021 while its parent company lost more than 500 million

In 2022, Getir, one of the few ultra-fast shipping companies left standing today after acquiring its main rival Gorillas, achieved a valuation of more than 10 billion euros and became a decacorn.

A year earlier, he had registered losses of 586 million dollars, 550 million euros at the current exchange rate, and billed 466 millionas published exclusively by the Dutch newspaper F.D. and demonstrate the accounts of the delivery company deposited in the commercial register of the Netherlands corresponding to the financial year of 2021.

Getir’s Spanish subsidiary, along with 8 other countries, including Germany, France and Italy, are under the umbrella of this Amsterdam-based company, which functions as a holding company within which is also Getir Turkey.

The ultra-fast shipping bubble bursts: Getir, Gorillas and GoPuff carry out mass layoffs and the industry is now struggling to survive

According to these documents to which he has had access Business Insider Spain, The parent company of the purple delivery company injected 34 million euros into its Spanish subsidiary to start providing services in our country.

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In addition to this injection of 34 million, Getir records in its income statement convertible notes as of December 31, 2021 for a value of almost 53 million euros to that same Spanish subsidiary.

The purple company landed in Spain by acquiring the Catalan delivery company Blok in the summer of 2021, founded by Huban Moreno, today the general director of Getir in our country, Ishal Verma and Varun Kapoor, who was barely a few months old.

That purchase was followed an ambitious marketing strategy.

The yellow G on a purple background filled the buses and metro stops in Madrid and Barcelona, ​​and the company launched an aggressive campaign of discounts and free shipping to attract new customers. In addition, it managed to take many delivery drivers from competitors such as Glovo or Uber Eats, attracted by the better working conditions that Getir offered at the time.

In 2020, the entire group had posted losses of $23 million (around 21 million euros at the current exchange rate). The accounts presented do not break down the profits and losses of each subsidiary.

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A year later, Getir stepped on the accelerator and began its international expansion in Europe and the United States. Only in marketing, their spending went from 19 million to almost 170 million worldwide.

At the end of 2021, Getir had 547 million dollars in cash on its balance sheet and in March 2022 it resorted to a financing round, the last to date, in which it raised 768 million dollars and obtained decacorn status.

This is my day to day as a Getir ‘rider’ in Spain: surreal tasks, long dead hours and an algorithm that watches me to the millimeter

This injection of capital has allowed it to continue on its feet until today, despite the bleeding that the sector has suffered, where the cuts, the disappearance of companies that appeared and grew stratospherically in the heat of the pandemic and the confinements and mergers and acquisitions have marked the last few months.

Total, Getir has raised almost 1,800 million euros from different venture capital funds such as Tiger Global, Sequoia or Mubadala, the sovereign fund of the United Arab Emirates, according to data from Dealroom.

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The difficult macroeconomic context of last year, marked by the Russian invasion of Ukraine, soaring inflation or the rise in interest rates from both the European Central Bank and the US Federal Reserve, caused the investment faucet to be turned off, something that also affected Getir.

The delivery company laid off 4,500 workers15% of its workforce worldwide, and although at first the cuts did not directly affect Spain, during the summer, as published exclusively Business Insider Spain, an intermittent trickle of layoffs arrived both in the office part and in the warehouse part.

The riders from the purple company then denounced the pressure from the company to make them give up their jobs and the gradual worsening of their working conditions for the same purpose.

After the departure of Gorillas and Gopuff from Spain, Getir is the only company, together with Glovo, that operates in the ultra-fast grocery delivery segment at home in our country.


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