Delivery startup Getir to exit Italy, Spain and Portugal - Reuters

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LONDON, July 27 (Reuters) - Turkish food delivery startup Getir is withdrawing from Italy, Spain, and Portugal, the company said on Thursday, adding that it is finalising a funding round.

Ultra-fast grocery delivery startups like Getir boomed during the COVID-19 pandemic but have been hit by consumers' stronger than anticipated return to shopping in stores.

In an emailed statement, the company said it "intends to withdraw in an orderly manner" from the three countries.

"At the same time, Getir is finalizing a funding round and will continue to operate in the UK, the US, Germany, the Netherlands, and Turkey, which generate 96% of the company's revenues," the company said.

A month ago, Spain's biggest trade union said Getir was ceasing its business in the country and laying off its entire workforce. Getir did not give details of layoffs.

"Getir's withdrawal from these three markets will allow it to focus its financial resources on existing markets where the opportunities for operational profitability and sustainable growth are stronger," the company said.

Reporting by Helen Reid; Editing by Emma Rumney

Our Standards: The Thomson Reuters Trust Principles.

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