Getir value ‘drops to $2.5bn’ as shoppers move away from convenience

Getir announced 2,500 job cuts across five countries last month, a move that will affect couriers, pickers and office workers. Photograph: Anna Watson/Alamy

The fast-track grocery delivery service Getir is reportedly now worth a quarter of what it was valued at 18 months ago, after a big shakeout in the sector amid declining consumer demand.

The Istanbul-based company is raising $500m in a funding round that will value the business at $2.5bn and is expected to close later this month, according to a Financial Times report citing people familiar with the matter.