Turkish delivery startup Getir is reportedly moving to finalize details to close a deal for undisclosed terms to snap up German competitor Gorillas Technologies.
The rumored acquisition deal, a mix of cash and equity, would give Getir a delivery foothold in the central U.K. and German markets, Bloomberg reported on Monday (Oct. 10) citing unnamed sources with insider information. The discussions may not result in a deal.
PYMNTS reached out to Gorillas and Getir for comment.
See also: Gorillas Talks Merger, Sale Potential with Grocery Delivery Rivals
Last valued at $3 billion in 2021, Gorillas had been looking for buyers and other options after the delivery market shifted, consumers’ appetite changed post-pandemic, and investor funds started drying up. Getir was set to purchase U.K. delivery startup Weezy late last year. Gorillas picked up Frichti, headquartered in France, earlier this year.
Read more: Gorillas Taps Nielsen to Drive ‘Better Decisioned’ Rapid Grocery Delivery
Gorillas attracted a lot of funding during the delivery-driven COVID-19 pandemic when lockdowns ruled everyday life for home and school and people lived from home. On the other side as the world moves closer to 2023, Gorillas, like many delivery-based startups, was forced to cut staff as well as market reach as both capital and demand dried up.
Valued at close to $12 billion after raising $800 in March, Getir is also standing ground from another rival, Gopuff, which is looking to exit its Spanish operations and focus on profits, Bloomberg reported.
Related: Grubhub Marketplace to Offer Gopuff Locations, Delivery
Gopuff recently partnered with Grubhub to launch a pilot program, PYMNTS reported on Oct. 4. Some of Gopuff locations are now included on Grubhub’s marketplace. The initial trial run takes off in six cities and extends Gopuff’s customer reach while also allowing Grubhub to offer additional products.
We’re always on the lookout for opportunities to partner with innovators and disruptors.