Istanbul-based delivery startup Getir closes its acquisition of Berlin-based rival Gorillas, valuing the group at $10B, and sources say Gorillas alone at ~$1.2B
Combined group worth $10bn represents a fall in valuation as investors turn against lossmaking tech start-ups
Context & Ripple Effects
Gorillas rode a steep funding curve — a $290M Series B at a $1B+ valuation, then a nearly $1B raise at ~$3B post-money in October 2021 with Delivery Hero, Coatue, DST Global, and Tencent aboard. Within months the model broke: sources reported staff cuts, benefit reductions, and warehouse closures by mid-2022 as the cash burned.
Getir, which raised $768M in March 2022, entered advanced talks in October and has now closed the deal — a combined $10B group, but with Gorillas alone marked down to roughly $1.2B, a fraction of its peak. The markdown is the story: investors have turned against lossmaking delivery startups, and consolidation is happening at distressed prices.
First-order effects
- Gorillas' backers — Delivery Hero, Coatue, DST Global, and Tencent — absorb a valuation cut from ~$3B to ~$1.2B in the cash-and-equity exit, while Getir takes on its Berlin rival's warehouses, staff, and cost base.
Second-order effects
- The combined group faces the same investor pressure that hit Gorillas: relationships indicate Getir is being pushed to cut costs, and its subsequent $500M raise from Mubadala and Michael Moritz at $2.5B — down from the $10B group mark — shows the markdown spreading to the acquirer itself.
Third-order effects
- Getir's retreat from the US, UK, and Europe — over 6,000 jobs affected as it refocuses on Turkey, with a later report valuing the business at up to $1B — points to quick commerce consolidating into a few national or regional champions rather than globally scaled players.
The trend: Rapid grocery delivery is consolidating through distressed acquisitions and geographic retreats, as the 2021 funding peak gives way to investor-enforced cost discipline and steep markdowns.