The company says the acquisition valued the German company at $1.2 billion.

Earlier this year, Getir closed a $768 million funding round led by Abu Dhabi state investor Mubadala that valued the company at around $12 billion.
Earlier this year, Getir closed a $768 million funding round led by Abu Dhabi state investor Mubadala that valued the company at around $12 billion. (Piroschka van de Wouw / File / Reuters)

Türkiye's grocery app Getir said it has acquired its German rival Gorillas as the online food delivery market consolidates following a boom during the coronavirus pandemic.

A Getir company spokesperson said on Friday that the acquisition valued the German company at $1.2 billion but disclosed no other details of the deal.

"Markets go up and down, but consumers love our service and convenience is here to stay," Getir founder Nazim Salur said in a company statement.

"Getir will continue to lead the industry it invented seven years ago."

Getir's valuation has surged since its creation by a group of Istanbul entrepreneurs and the US venture capital firm Sequoia in 2015.

The company was worth nearly $12 billion at the start of the year before entering a slump that forced it to fire 14 percent of its global workforce.

Gorillas has struggled to turn a profit since its creation in May 2020.

The Financial Times said the deal valued the two merged companies at around $10 billion.

READ MORE: Getir: the story of an app transforming food delivery worldwide

Source: TRTWorld and agencies