Turkish grocery delivery platform Getir is in talks to acquire German rival Flink.
The acquisition news comes as Flink was in the process of raising a
$100M funding round from existing investors. The firm is expecting a $1B
valuation at the funding round, down from its previous valuation of
$2.1B in 2021.
- Flink has raised $1B in total funding to date, $750M of which came through a Series B round in December 2021.
- Investors such as DoorDash, Prosus & Naspers, and Mubadala Capital Ventures have backed the firm.
- Abu Dhabi's sovereign wealth fund Mubadala is also a backer of Getir.
- Flink's
German division is expected to be profitable by the end of 2023, while
its French and Dutch subsidiaries aim to be profitable by the end of
2024.
- The move comes five months after Getir acquired Gorillas for $1.2B, giving the merged entity a $10B valuation.
- Last month, Getir raised $500M in fresh funding at a $6.5B valuation, around half its peak valuation of $12B from March 2022.
- Mubadala contributed $300M to the funding round, with the remaining $150M to $200M given by existing backers.
