FreshDirect may go under as parent Getir looks to cut costs: ‘Don’t see how it lasts longer than a year’
NY Post
Food delivery pioneer FreshDirect may be nearing its expiration date as money-bleeding parent Getir looks to dump the Big Apple grocer — just six months after buying the company, The Post has learned.
Turkish-based Getir, which scooped up FreshDirect from Stop & Shop owner Ahold Delhaize USA last November, has come under pressure to cut costs from its investors, which include Abu Dhabi sovereign wealth fund Mubadala Investment Co., Tiger Global and Sequoia Capital, according to a Sky News report.
Getir — a delivery service that operates in select US markets as well as in the UK, the Netherlands and Germany — is burning through as much as $50 million a month, according to a Bloomberg report.
The company was once valued at $12 billion at the height of the pandemic boom as many shoppers turned to online services for their food delivery.
“Getir is withdrawing from every city except its own home. They don‘t have the capital to pay for everything. They can’t afford FreshDirect,” industry consultant Brittain Ladd, a former Amazon executive, told The Post.
“In my opinion if FreshDirect can’t raise additional capital to modernize the company and invest in it I don’t see how it lasts longer than a year.”
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