Getir, Zapp Join Delivery Startups Cutting Staff, Consolidating
- Istanbul-based startup valued at $11.7 billion in March
- Rapid delivery industry is also consolidating at speed
A courier for the food delivery service Getir rides along a street in Barcelona, Spain.
Photographer: Angel Garcia/BloombergThis article is for subscribers only.
Getir, one of the largest rapid delivery startups valued at $11.7 billion just two months ago, has become the latest high-profile startup to cut staff in a bid to rein in costs.
The Istanbul-based startup, backed by Mubadala Investment Company and Sequoia Capital, raised $800 million in March. It is now planning cuts of about 14% of its headquarter staff, blaming “rising inflation and the deteriorating macroeconomic outlook,” according to a memo seen by Bloomberg.