10 milyar dolar eriyen Türk şirketinin öyküsü

Barış Soydan

11 May 202411:05

Summary

TLDRThe video script details the rise and fall of Turkish entrepreneur Nazım Salur's company, Getir. Initially successful in Turkey with its 10-minute delivery service, Getir expanded to Europe with significant investment, peaking at a valuation of nearly $11.8 billion. However, post-pandemic changes in consumer behavior, increased operational costs in Europe, and a shift in investor focus from growth to financial discipline led to a rapid decline. Getir exited several European markets and saw its valuation plummet to $2.5 billion, illustrating the volatile nature of startup success.

Takeaways

😀 Nazım Salur is a Turkish entrepreneur who founded Getir, a rapid delivery service that expanded quickly in Turkey and then to Europe.
🚀 Getir's concept of delivering products and meals to customers' doors within 10 minutes was successful in Turkey and became the basis for its expansion to European markets.
💡 Salur started Getir after having three business ideas, one of which was Getir, and received initial investment from successful Turkish internet entrepreneur Serkan Borançılı.
🌍 Getir rapidly expanded its operations to major European countries such as Spain, Italy, the UK, Portugal, and Germany following its success in Turkey.
📈 At its peak, Getir's valuation reached nearly $1.2 billion, making Salur one of Turkey's richest individuals.
🔽 However, Getir faced a swift downfall, exiting markets like Spain, Italy, Germany, Portugal, and eventually ending its operations in the UK, signaling the end of its European venture.
🤝 Getir's growth attracted significant investments, including from large companies and investors from the Gulf, as well as the west, including major American corporations.
💼 The company's rapid ascent was also fast-tracked by the COVID-19 pandemic, which increased demand for delivery services as people stayed home.
📊 Post-pandemic, Getir struggled to maintain its growth rates as consumers returned to pre-pandemic behaviors, and the company faced increased costs and competition in Europe.
💸 Financial challenges were exacerbated by rising inflation and interest rates, leading investors to prioritize financial discipline over growth, impacting Getir's ability to scale.
📉 By the end of its European operations, Getir's valuation had plummeted from nearly $1.2 billion to $250 million, reflecting a significant loss in market confidence and value.

Q & A

Who is Nazım Salur and what is his background?
-Nazım Salur is a Turkish entrepreneur born in Bayburt but grew up in Istanbul. He received a good education, studying at Nişantaşı Anadolu High School and later at Boğaziçi University where he obtained a degree in business administration. He worked as a professional manager in various companies until he decided to become an entrepreneur after the age of 50.
What was the initial business idea of Nazım Salur that gained traction in Turkey?
-Nazım Salur's initial successful business idea was 'Getir', a delivery service that brought needed products and food to customers' doors within 10 minutes. This idea was built upon and became popular in Turkey, leading to its expansion to European countries.
How did Getir expand its operations to Europe?
-Getir expanded its operations to Europe after gaining success and confidence in Turkey. It started its European expansion in Spain, Italy, the UK, Portugal, and Germany, following the same business model it used in Turkey.
What significant investments did Getir receive during its growth?
-Getir received significant investments from large companies and investors, including Serkan Borançlı, one of Turkey's first successful internet entrepreneurs, and Arcadi Volos, the founder of the internet site Yandex. These investments helped Getir to grow rapidly and reach a valuation of nearly 11.8 billion dollars on paper.
Why did Getir's growth in Europe come to an end?
-Getir's growth in Europe ended due to several reasons, including the exit from countries like Spain, Italy, Germany, Portugal, and the UK. The rapid ascent to the top was followed by a rapid descent, and the company decided to focus on growing within Turkey.
What was the impact of the pandemic on Getir's business?
-The pandemic initially provided a significant opportunity for Getir as people started ordering more online, boosting its business. However, once the pandemic subsided, people returned to their normal routines, and the demand for online ordering decreased, affecting Getir's growth.
What were the main challenges Getir faced after the pandemic?
-After the pandemic, Getir faced challenges such as the end of the pandemic-induced growth, increased operational costs in Europe, and the shift in investor focus from growth to financial discipline due to inflation and rising interest rates.
How did the competition affect Getir's business in Europe?
-Competition in Europe was intense, with other entrepreneurs copying the Getir model and establishing similar companies. One such competitor was Gorillas in Germany, which grew rapidly and eventually acquired by Getir, pushing its market value to over 10 billion dollars.
What was the role of Michael Moritz in Getir's European expansion?
-Michael Moritz, a legendary American investor, played a crucial role in Getir's European expansion by convincing Nazım Salur to invest 25 million dollars, which helped Getir to enter the European market and start its 10-minute delivery service there.
What was the peak valuation of Getir, and what led to its decline?
-The peak valuation of Getir was nearly 11.8 billion dollars, which was mainly due to the acquisitions and investments it received. However, the decline was due to the end of pandemic-induced growth, increased operational costs, and a shift in investor focus towards financial discipline.
How did the economic conditions post-pandemic affect Getir's financial situation?
-Post-pandemic economic conditions, including inflation and rising interest rates, led to increased costs for companies like Getir. As a result, investors started to prioritize financial discipline over growth, which contributed to Getir's financial challenges and decline in valuation.

Outlines

00:00

🚀 The Rise and Fall of Getir: A Turkish Startup's Journey

This paragraph outlines the rapid growth and subsequent challenges faced by Getir, a Turkish startup that revolutionized the quick delivery service. Founded by Nazım Salur, the company expanded across Europe, attracting significant investments and reaching a valuation of nearly $12 billion. However, the script also highlights the company's swift decline after exiting from countries like Spain, Italy, Germany, and Portugal, and eventually ending its operations in the UK. The summary also touches on the internal conflicts and the pressure from investors for a change in management due to the company's failure.

05:00

🌐 Getir's Expansion and Challenges in Europe

The second paragraph delves into Getir's European expansion, supported by the influential investor Michael Moritz. It discusses the company's initial success with 10-minute delivery in Europe, which led to the creation of similar businesses like Gorillas in Germany. The intense competition and the eventual acquisition of Gorillas by Getir are highlighted, which pushed Getir's valuation to over $10 billion. However, the paragraph also points out the challenges Getir faced post-pandemic, including the shift of consumers back to offline shopping and the increased operational costs in Europe, which led to significant financial losses.

10:02

📉 Getir's Decline and Market Exit

The final paragraph summarizes Getir's decline, starting with the company's withdrawal from Italy, Spain, Portugal, and the UK. It discusses the continuous attempts to secure further funding and the revaluation of the company, which saw its value plummet from $11.8 billion to $2.5 billion. The paragraph concludes with the story of Getir's dramatic rise and fall, emphasizing the billions of dollars lost in a short period and the impact of external factors such as inflation and increased interest rates on the company's financial struggles.

Mindmap

Keywords

💡Getir

Getir is a Turkish startup company that operates in the quick commerce sector, providing a service where customers can order products and have them delivered to their door within 10 minutes. It is central to the video's theme as it represents the success story of a Turkish entrepreneur and the challenges faced in expanding the business to Europe.

💡Nazım Salur

Nazım Salur is the founder of Getir, who is portrayed as a key figure in the video. His journey from a professional manager to an entrepreneur and his decisions are integral to the narrative of Getir's rise and fall. His name is repeatedly mentioned throughout the script, highlighting his role in the company's growth and eventual challenges.

💡Quick Commerce

Quick Commerce refers to the business model of Getir, where the focus is on delivering goods quickly, typically within 10 minutes. This concept is fundamental to understanding the service Getir provides and how it differentiates itself in the market, as mentioned in the script where the idea is built upon and expanded to Europe.

💡Investment

Investment is a crucial aspect of Getir's growth story. The script discusses various investors, such as Serkan Borans and Arcadi Volos, who contributed to the company's expansion. Investment is also tied to the company's valuation, which at one point reached nearly 11.8 billion dollars, as highlighted in the transcript.

💡Pandemic

The pandemic is a significant context in the video, as it affected Getir's business in both positive and negative ways. Initially, it boosted the demand for Getir's services as people stayed home and ordered goods online. However, as the pandemic subsided, the script mentions that the growth rates and investments associated with the pandemic period became unsustainable.

💡Expansion

Expansion is a key theme in the video, illustrating Getir's growth from Turkey to Europe. The script details how Getir entered countries like Spain, Italy, the UK, Portugal, and Germany, and the challenges faced in these markets, such as competition and adapting to local conditions.

💡Competition

Competition is highlighted in the script as a major challenge for Getir, especially in Europe. The video discusses how other entrepreneurs copied the quick commerce model, leading to companies like Gorillas emerging as strong competitors, which eventually led to Getir's exit from some European markets.

💡Market Value

Market Value refers to the total value of a company's shares or its estimated worth. In the context of the video, Getir's market value is discussed in relation to its growth and eventual decline, with a peak valuation close to 12 billion dollars before falling to 2.5 billion dollars, reflecting the company's financial performance and investor sentiment.

💡Inflation

Inflation is mentioned in the script as an economic factor affecting Getir's costs and the broader economic environment. As central banks raised interest rates in response to inflation, the cost of capital increased, which in turn affected the company's operational costs and investor priorities, leading to a focus on financial discipline over growth.

💡Financial Discipline

Financial Discipline is a concept that emerged in the video as a response to post-pandemic economic conditions. It refers to the shift in focus from growth to cost management and profitability. The script indicates that investors and the company began to prioritize financial discipline over rapid expansion, which impacted Getir's strategy and operations.

💡Exit

Exit in the context of the video refers to Getir's withdrawal from certain European markets such as Italy, Spain, Portugal, and the UK. The script discusses this as part of the company's strategic realignment following challenges in those markets, signaling a significant turning point in Getir's expansion story.

Highlights

Nazım Salur's innovative idea of delivering products and meals to customers' doors within 10 minutes took root in Turkey and expanded to Europe.

The rapid growth of Getir in Turkey and its expansion to European markets like Spain, Italy, the UK, Portugal, and Germany.

Getir's value reached nearly 1.8 billion dollars, making Nazım Salur one of Turkey's richest individuals.

The company faced a swift downfall, exiting markets in Spain, Italy, Germany, Portugal, and eventually ending its UK operations.

Investors, including large companies and prominent investors from the Gulf and the West, poured investments into Getir during its growth phase.

Nazım Salur's entrepreneurial journey began after turning 50, with Getir being one of his key ventures.

Serkan Borançi, one of Turkey's first successful internet entrepreneurs, was an early investor in Getir.

Getir's success was attributed to the COVID-19 pandemic, which boosted demand for its services as people stayed home.

The company's expansion into Europe was supported by legendary investor Michael Moritz, who contributed 25 million dollars.

Getir faced intense competition in Europe, with companies like Gorillas emerging and growing rapidly.

Gorillas' acquisition by Getir pushed its market value to over 10 billion dollars, a significant milestone for the company.

The post-pandemic period saw a decline in Getir's growth rates as people returned to pre-pandemic shopping habits.

Getir's operational costs in Europe were significantly higher compared to Turkey, leading to financial strain.

Inflation and rising interest rates post-pandemic affected Getir's financial health and investor confidence.

Getir's market value plummeted from 11.8 billion dollars to 2.5 billion dollars, reflecting a drastic loss for Nazım Salur.

Investors are now pushing for a change in management at Getir to address the company's challenges.

The transcript discusses the rise and fall of Getir, highlighting the impact of market dynamics and economic factors on the company's trajectory.