The transaction is expected to close by end-November.
FreshDirect, launched in 2002, is an online grocer serving the greater New York tri-state area. In 2021, it was acquired by Ahold Delhaize USA.
Separately, Isbank (ISCTR) said on October 30 that it has mandated its headquarters to acquire a 20% stake in Getir Teknolojik Hizmetler (GetirFinans), a new service bank, for a consideration of a $50mn.
In 2022, Getir acquired a 33% stake in n11, an e-commerce platform launched jointly by Turkish conglomerate Dogus Holding and South Korea’s SK Group (Seoul/034730) in 2012, for a consideration of $50mn.
In September, Getir reportedly raised $500m in a new funding round that valued the business at only $2.5bn.
Following extremely fast expansions during the COVID-19 pandemic, quick commerce businesses have been hit by the post-pandemic loss of lockdown-driven demand for deliveries and rising interest rates. Investors, meanwhile, are souring on lossmaking tech firms.
The company is currently active in Turkey, the UK, Germany, the Netherlands and the US.