Turkish rapid groceries delivery company Getir has signed an agreement with Ahold Delhaize (Amsterdam/AD) to acquire New York-based FreshDirect, the parties said on November 8.

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.

In 2022, FreshDirect weekly served 3mn grocery items to its customers. It has an annual turnover of $650mn.

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.

Also separately, Getir CEO Nazim Salur said in June that the company acquired the remaining 66% stake in n11, formally Dogus Planet.

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.

In 2022, Getir raised $768mn in Series E funding round that valued the enterprise at $11.8bn.

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.

In August, Getir, launched in 2015 in Istanbul, cut its workforce by 11%, meaning 2,500 layoffs were announced. It also pulled out of France, Spain, Italy and Portugal.

The company is currently active in Turkey, the UK, Germany, the Netherlands and the US.