Getir buys gorillas: mega takeover of 10-minute delivery services

It has been hinted at for several months. Now the time has finally come: The highly loss-making 10-minute delivery service Gorillas has found a buyer. Turkish competitor Getir is buying gorillas at a valuation of just 1.1 billion euros.

Getir buys gorillas for 1.1 billion euros

Kagan Sumer has finally made it: the founder of Gorillas has found a buyer for his loss-making start-up. As the Financial Times first reported that the Turkish model Getir is buying the Berlin competitor Gorillas for 1.2 billion US dollars.

That’s the equivalent of around 1.1 billion euros. According to Getir’s announcement, the conglomerate of 10-minute delivery services is worth a little less than ten billion euros together. This is a huge setback for both companies.

Billions in losses for investors: 10-minute delivery services worth less

For the investors in the two 10-minute delivery services, the final assessment after the takeover is a financial setback.

Venture capitalists have invested more than three billion euros in the company since Gorillas was founded. In the end, there is only one billion euros left. That means losses for investors like Delivery Hero or the Chinese tech giant Tencent.

And Getir itself also lowers its own rating significantly. In March 2022, the Turkish pioneer had announced a valuation of 11.8 billion US dollars. So now the valuation is $8.8 billion. That is about 8.3 billion euros.

In the end, this leaves a new company value of less than ten billion euros. Despite all the downgrades, that’s still a lot of money.

What’s next for Getir and Gorillas 2023?

Like Getir in one LinkedIn post wrote, the acquisition reaffirms its commitment to the fast delivery sector. In Germany, the only competitor left is the German home-grown product Flink.

However, the future doesn’t look bright for Getir and gorillas. This applies in particular to the employees of Gorillas. After all, Getir will first of all dismantle all duplicate structures with the takeover.

Layoffs and structural changes

That means: The layoffs, which have long since started at Gorillas, will increase. In addition, storage rooms will be merged and the internal structures (e.g. in administration) will certainly be streamlined.

After all, Getir must above all succeed in ensuring that no more money is burned. Just a few weeks ago, research revealed that gorillas made a loss of more than five euros with every delivery. A value that must be significantly lower.

Tech start-ups under close scrutiny

Ultimately, only the coming months will finally show whether the predicted developments will materialize. However, it is already clear that technology start-ups have a difficult standing.

The days of investing billions in companies without functioning business models are over for the time being. The lenders are also suffering from the consequences of the global crises. This makes it particularly difficult for the tech industry, which often earns little or no money for years.

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