Getir Expands to Spain & Italy with First Acquisition

Getir Expands Reach Through First Acquisition

Getir, the Turkish startup valued at $7.5 billion, has primarily focused on organic growth. The company’s mobile application facilitates rapid grocery delivery, challenging traditional corner shops with a convenient and time-saving service. Now, the company is shifting its strategy with its inaugural acquisition, aiming to enter three new countries.

Acquisition of Blok

Getir is acquiring Blok, an “instant delivery” grocery service operating from Barcelona. While the financial details of the transaction remain undisclosed, Blok, formerly known as Huvi Technologies, was bootstrapped, relatively new to the market, and had begun exploring sale options.

Founded by Vishal Verma, Hunab Moreno, and Varun Kapoor, Blok currently operates in Spain and Italy, with key markets in Madrid, Barcelona, and Milan. Portugal was already planned for expansion prior to the Getir acquisition, and launch is anticipated shortly. Over 120 Blok employees will integrate into the Getir organization as a result of this deal.

Getir’s Broadening Service Portfolio

Since its inception in 2015, Getir has achieved profitability in Turkey. The company initially built its reputation on swift delivery but has since diversified its offerings. These include expanded grocery selections (GetirMore) with extended delivery times, restaurant delivery (GetirFood), local business delivery (GetirLocals), and even water delivery (GetirWater).

This diversified approach has provided Getir with momentum, enabling expansion into markets like the UK, the Netherlands, Paris, and Berlin. The substantial funding—approximately $1 billion raised to date—will also support the company’s entry into the U.S. market, where it will compete with established players like GoPuff.

A Competitive Landscape

Despite being an early mover and well-capitalized, Getir is not alone in this rapidly evolving market.

The European market is currently experiencing a surge in startups focused on ultra-fast delivery of approximately 1,500 goods. This assortment is typically smaller than traditional supermarkets (which often stock around 17,000 items) and more akin to the offerings of small, urban convenience stores.

Startups such as Flink, Gorillas, Glovo, Zapp, Dija, Cajoo, and Weezy have collectively secured hundreds of millions of dollars in funding—though still less than the $2 billion estimated by Getir CEO and co-founder Nazim Salur—to facilitate their growth.

Factors Driving Growth

Consumer adoption has been enthusiastic, partly driven by the pandemic and associated stay-at-home orders. Many individuals sought to minimize exposure to Covid-19 by avoiding public spaces. Furthermore, the convenience of mobile ordering has resonated strongly with millennial and younger consumers, transforming practical tasks into engaging app-based experiences.

Prior to the pandemic, Getir experienced annual growth rates of 300%, with some years, like 2017, seeing a fivefold increase, according to Salur. “Growth continued at a rate of 5x during Covid, and even without the pandemic, we still saw 4x growth. This demonstrates that our core value proposition is convenience, allowing us to sustain growth even as life returns to normal in Turkey.”

Market Consolidation

The question remains whether the market can sustain so many competitors. Reports indicate that at least one company is struggling to secure additional funding and is actively seeking a buyer. Capital is crucial, considering the logistical complexities of delivery, the need for strategically located “dark stores,” inventory management, and intense competition.

In this context, Blok’s decision to sell less than six months after launching, having not secured significant external funding, is understandable.

Statements from Blok

“We are very excited to join forces with the pioneers of ultrafast delivery to achieve our shared goal of leading the on-demand grocery market in Southern Europe,” stated Verma of Blok. “This acquisition will allow us to leverage Getir’s extensive industry expertise, relationships, and technology, combined with our world-class team and execution capabilities, to establish a dominant position in this region. We’ve received a positive response to our launches in Spain and Italy and are eager to amplify our efforts alongside Getir.”

Getir’s Future Acquisition Strategy

Despite this clear indication of potential market consolidation, Getir does not intend to become an aggressive acquirer—at least, not in the immediate future.

“Getir will not pursue a strategy of continuous acquisitions,” explained Salur, who co-founded the company with Serkan Borancili and Tuncay Tutek. “However, we remain open to considering opportunities if a compelling rationale exists. We won’t actively seek out ten different companies, but we will engage in discussions if a suitable opportunity presents itself.”