Now the economy looks markedly different.įirstly, investors are now prioritizing profitability over growth and scale. ![]() Customers, sat at home with nowhere to spend their money, were also more open to splurging on these convenience apps. Fueled with buckets of cash, these startups felt free to chase customers through heavy discounts - running up big losses. These startups emerged as venture capitalists had money to burn, and the pandemic completely changed consumers' shopping habits. Getir's app, which offers a range of convenience store items. The concept of these companies was fairly simple.Ĭouriers of your selected platform would accept an order for everything from staples like fruit and vegetables, bread, and household items through to craft beer and artisanal cheeses, collect the hastily packaged items from a local warehouse or "dark store," and then deliver them to your door, often with a promise of arrivals in 10 minutes or less. Grocery startups took massive hits as they chased users ![]() That's against a backdrop of grocery startups quitting markets, being acquired, delaying IPO, and going bankrupt. Getir, founded by entrepreneur Nazim Salur and backed by US investor Sequoia, is set to see its $11.8 billion valuation from March 2022 almost halve in a new funding round.įlink, thought to be valued at $5 billion and backed by US giant DoorDash, is also expecting a haircut as it pursues a new $100 million capital injection. Turkish firm Getir, Europe's biggest rapid-grocery player, and smaller German startup Flink are both seeking to raise cash, Insider understands, but on more onerous terms than in the heady days of the pandemic. Now the battle to dominate that once-burgeoning industry appears to be nearing its end game, as shown by two recent developments in Europe. ![]() Account icon An icon in the shape of a person's head and shoulders.
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