Turkish delivery app Getir is in talks with its German competitor Flink regarding a possible acquisition, as reported by the Financial Times on Monday. This move towards consolidation could have significant implications for the food delivery market in Europe, which has been struggling with a slowdown since the Covid-19 pandemic.
The paper, citing insiders, has indicated that while negotiations are underway, there is no guarantee that the parties will come to an agreement.
Both Flink and Getir have declined to comment on the report.
The report also mentioned that Flink is currently in discussions with its existing investors to raise approximately $100 million, with a valuation exceeding $1 billion.
Last December, Getir acquired German grocery firm Gorillas for $1.2 billion, thereby bringing together two of the few companies in Europe that provide groceries within minutes.
Despite their rapid growth, quick commerce businesses were negatively impacted by a decrease in demand for deliveries due to lockdowns and increasing interest rates in March of last year. Moreover, investors lost interest in tech firms that were not profitable, which further worsened the situation.
