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Technology

Getir To Buy UK Fast Delivery Company Weezy

Turkish fast grocery delivery company Getir has signed a deal to buy British rival Weezy, Getir said on Tuesday, the latest move in a sector seeing a wave of consolidation.

Getir currently operates in several west European countries, as well as the United States and has been promoting its brand heavily across London. Financial terms for the deal were not disclosed.

The pandemic has fuelled demand for food and grocery delivery businesses but many of them are still losing money as they seek to build market share, fuelling deals.

Last week, the Turkish ultrafast grocery-delivery company launched operations in the United States, seeking a foothold in the world's largest retail market only a few months after expanding into Europe.

Acquisition And Expansion

In the most recent, US company DoorDash Inc said this month it would buy Finland-based rival Wolt Enterprises OY in an all-stock deal valued at about €7 billion ($7.9 billion) as it expands into Europe.

Getir attracted around $1 billion in three back-to-back funding rounds this year, putting its valuation at more than $7.5 billion.

Elsewhere, Czech-based online grocery Rohlik Group plans to launch operations in Italy, Romania and Spain next year under a new Sezamo brand.

In June of this year, a report from IGD revealed that the UK 'quick commerce' channel, through which food and groceries are delivered consumers in less than one hour, and often under 30 minutes, was worth £1.4 billion (€1.6 billion).

Read More: Quick Commerce Opening Up New Opportunities For Retail: Barclays

News by Reuters, edited by ESM. For more Technology news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.

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