Turkish grocery delivery startup Getir is planning to sell its Istanbul-based online shopping platform, known as n11, as part of its restructuring strategy, a media report said.
“There are many options on the table being discussed with investors. One of them is the sale option for n11,” Reuters reported, citing an unnamed source.
A Getir spokesperson declined to comment, the report said.
Getir first bought a stake in n11 in 2022 before acquiring the remaining shares from Turkey’s Dogus Group and South Korea’s SK Planet.
Sky News last week reported that the startup is considering divesting assets such as US online grocer FreshDirect and BiTaksi, a ride-hailing app in Turkey.
In March 2022, Getir concluded a $768 million funding round led by Abu Dhabi’s Mubadala Investment Company that valued the startup at $12 billion.
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Other major investors included Abu Dhabi Growth Fund, Alpha Wave Global, Sequoia Capital and Tiger Global.
The company began a global restructuring in August 2023 after withdrawing from Italy, Spain and Portugal last June. The startup currently operates in five markets, including the UK.
Established in Istanbul in 2015, Getir provides restaurant courier services and on-demand e-grocery deliveries.