Grocery app Getir in talks to take over German rival Flink - FT

(Reuters) -     Turkish delivery app Getir is in talks to take over German rival Flink in a key step toward consolidation in Europe’s food delivery market, where companies are battling a slowdown after COVID-19, the Financial Times said on Monday.

 

There is no guarantee of an agreement being reached, however, said the paper, which cited people familiar with the matter.

 

Getir and Flink did not immediately respond to a Reuters request for comment. 

 

Flink is also in talks to raise funding of about $100 million from existing investors, for a valuation of more than $1 billion, the paper added.

 

In a $1.2-billion deal last December, Getir bought German grocery company Gorillas, merging two of Europe’s remaining companies in Europe offering groceries in minutes.

 

But after their rapid expansion, quick commerce businesses were hit in March last year by a fall in lockdown-driven demand for deliveries and rising interest rates, while investors soured on loss-making tech firms.

 

(Reporting by Jyoti Narayan in Bengaluru; Editing by Uttaresh Venkateshwaran and Clarence Fernandez)