In a deal aimed at raising $500 million, Turkish grocery delivery firm Getir is undergoing a significant valuation shift, marking a change from its pandemic-era valuation highs. The new valuation of $2.5 billion reflects a substantial drop from its previous valuation of up to $11.8 billion just 18 months ago. Despite this adjustment, Getir’s latest funding round is one of the most significant in the industry this year.

This funding round, anticipated to conclude later this month, is led by existing shareholders, including the Abu Dhabi wealth fund Mubadala Investment Company, venture capital firm G Squared, and prominent investor Michael Moritz. Moritz, renowned for his nearly 40-year tenure at Silicon Valley’s Sequoia Capital, recently parted ways with the firm.

Getir, headquartered in Istanbul, initially underwent rapid global expansion but has since shifted its focus to operations in five countries: Turkey, the UK, Germany, the Netherlands, and the US. The company also considered acquiring its German competitor, Flink, earlier this year, as it seeks to strengthen its presence in the grocery delivery sector.

One source noted that Getir has entered a phase of reevaluating its growth strategies and capital allocation. This move comes amid broader trends in the venture capital market, where start-ups are adjusting to lowered valuations to secure fresh investments.

The grocery delivery sector has experienced substantial growth in recent years, and Getir’s latest funding round signifies a shift in strategy from rapid expansion to a more focused approach. Although the valuation has decreased, it’s evident that Getir remains a significant player in the evolving grocery delivery landscape.