Getir acquires rival Gorillas in deal worth $1.2bn

Turkish fast grocery delivery company, Getir, has bought German rival Gorillas in a deal worth $1.2 billion.

The acquisition will merge the two companies, which both promise groceries in minutes.

Serkan Borancili, co-founder of Istanbul-based Getir, shared the price tag on Twitter and stated that the combined company was now stronger.

Satın alınmadık, biz aldık, @getir aldı. En güçlü rakibimizle artık tekiz ve daha da güçlüyüz.

Getir acquires grocery app rival Gorillas in $1.2bn deal https://t.co/X8qSUyyPwx

— Serkan Borancili (@serkanborancili) December 9, 2022

The price is much lower than Gorillas’ $2.1 billion valuation in its funding round in late 2021.

According to the Financial Times, job cuts are expected due to overlap between the two companies’ network of small urban warehouses.

Getir – which earlier this year closed a $768 million funding round – was one of the first firms to test the quick commerce model. Founded in 2020, Gorillas was one of several other companies that embraced the idea during the Covid-19 lockdowns.