Getir in advanced talks to buy Gorillas

Istanbul-based Getir “is in advanced talks to buy rival Gorillas Technologies”, Bloomberg reported on Monday (10), citing people familiar with the matter.

While the deal is not yet official, according to Bloomberg’s source, the deal would see a mix of cash and equity, and further bolster the Turkish on-demand delivery company’s market position across Europe.

With Gorillas experiencing a series of headaches, mostly in labor disputes and valuation depreciation over the past year, it’s been rumoured that the company was shopping for a buyer for some time. Backed by Tiger Global and Sequoia Capital (to name a few), Getir, which closed a $768 million Series E round at an $11.8 billion valuation back in April of this year, has already agreed to buy UK startup Weezy in late 2021, Bloomberg reported.

Gorillas had previously held talks with a number of competitors about the prospects for a merger or sale of its business, people familiar with the matter said previously. The industry is consolidating as companies emphasize a shift to profitability. Getir agreed to buy UK startup Weezy in late 2021, while Gorillas acquired France’s Frichti earlier this year.

Berlin-based Gorillas quickly rose to popularity at the height of the Covid-19 lockdowns when delivery services enjoyed a surge in popularity. More lately, the German company has had to slash staff and pull back from some of its markets after rapidly burning through capital by offering grocery delivery within minutes.