(Bloomberg) -- Turkish startup Getir said it struggled to pay some bills in Germany and will cut more than 10% of its global workforce, as the rapid delivery service seeks to raise new funds and attempt to turn around its cash-hungry business. Most Read from BloombergMusk Told Pentagon He Spoke to Putin Directly, New Yorker SaysBorrowers With $39 Billion in Student Loans Finally See ReliefS&P Joins Moody’s in Cutting US Banks Amid ‘Tough’ ClimateStocks Lose Traction After Megacap-Led Bounce: Mar
About 2,500 employees will be cut overall, though the company will continue operating in its five current markets, Istanbul-based Getir said in a statement to Bloomberg on Tuesday.
The head of the company’s core delivery business, Hatice Evren, said that Getir is in the process of a fundraising round and right now there is less appetite to invest in tech companies, according to the people. Still, Abu Dhabi’s sovereign wealth fund Mubadala Investment Co., a major investor in Getir, has pledged continued support. It said in a statement to Bloomberg it was in advanced discussions to lead its latest funding round.
Its German operation has already reduced hours for warehouse staff and riders. One of the company’s managers told warehouse workers in Berlin’s Friedrichshain district that the business was receiving less than half of the typical number of orders in the last several weeks, and said that would result in fewer shifts, according to a WhatsApp message viewed by Bloomberg.
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