- Istanbul-based Getir, which aims to send groceries to people’s doors in 10 minutes, says it is buying Weezy to expand further in the UK
- Europe is home to a booming grocery delivery sector that has seen an influx of challengers trying to take on supermarkets and convenience stores.
- Analysts say the market is entering a consolidation phase as a multitude of different players struggle to differentiate their offerings.
LONDON – Turkish start-up Getir on Tuesday agreed to acquire British rival Weezy in the latest sign of consolidation in the ultrafast grocery delivery market.
Istanbul-based Getir, which aims to send essential items to people’s doorsteps in as little as 10 minutes, said it was buying Weezy to expand further into the UK
The company currently operates in 15 cities and towns including London, Manchester, Birmingham and Liverpool.
Weezy, which was founded by Christoph van Bevren and Alec Dent just two years ago, experienced alarming growth during the coronavirus pandemic as more people went online to shop for their essentials.
It now has over 700 employees, a number that includes the firm’s delivery drivers. Unlike gig economy companies that hire contractors on flexible work arrangements, Weezy treats its couriers as salaried workers.
With Getir, the newly merged company will have a workforce of over 4,000 employees globally.
“Associating with Weezy, which has established itself across the UK, is an exciting opportunity and complements our people-first belief and business approach,” Turanakan Salur, UK General Manager, Getir, said in a statement on Tuesday.
Europe is home to a booming online grocery delivery sector, with a wave of challenges emerging from established supermarket chains and convenience stores.
The likes of Getir and other players such as Germany’s Gorilla and the UK’s Zap have wooed customers with the promise of fast delivery times and generous discounts.
Privately held firm Getir was valued at $7.75 billion after raising $550 million from investors including Silver Lake, Mubadala, Sequoia and Tiger Global. It has raised over $1 billion so far.
Prior to news of the acquisition, Weezy had raised a total of more than $25 million from venture capital firms Heartcore Capital and Left Lane Capital.
It follows other deals in the space, from American grocery start-up Gopuff’s acquisition of British firms Deeja and Fancy to German food delivery giant Delivery Hero’s purchase of a minority stake in Gorilla.
Analysts say the fast grocery delivery market is entering a phase of consolidation, as a multitude of different players struggle to differentiate their offerings.