10 milyar dolar eriyen Türk şirketinin öyküsü

Summary

The 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.