Getir

“But in the high growth era of this business, one shouldn't take his eye off the ball, and the ball is high growth. At least for the next few years. When growth normalizes, these things should come more into the picture then.”

“Let's say old market is actually a market we're in after six months. When we open a warehouse in a new neighborhood, six months later, it's probably a mature warehouse. So after six months, the efficiencies come up really good.”

“The thing is, if we don't need to grow fast, this business is a profitable business today. It's just that we spend more money on growth than we make margins on.”

“So there's gonna be some regional champions here, because look, I can't do 200 countries within the next two years. It's not humanly possible. So there's gonna be some other companies doing some regions that we don't go.”

“The cost of warehouse, of course, is important, but not the most important. The most important is being close to your consumer.”

“We start with three cities. Those are going to be New York, Chicago, and Boston. Before the end of the year, we'll be operational in all three, and then we'll take it from there.”

“At the moment, there's more than 20 different companies cloning us, and every day we see some more adding to it”

“I don't think in one big city market, there'll be 10 players. There may be now, but in the long run, this is probably a two, three player game in each market.”

“When we look at a new market, there's this 400 question questionnaire we fill in about that market. Once we put the answers to that, it gives us a getter suitability index about that city we're going to operate.”

“When you download us, we know exactly where the download takes place. So we know how many customers potentially are there, and so it's just basic technology.”

“Their model is slightly different. They aim for about 30 minutes. We aim for 10 minutes.”

“But in the long run, let me tell you this, Harry. The long run, if there's pizza delivery in any small town, there'll be a service like Getir, whether Getir will be there or something similar, will be there. Next five to 10 years, everywhere there's pizza deli…”

“First of all, when we do a warehouse, these small fulfillment centers, the first thing we do, we spare a room for the couriers to sit and have a cup of coffee or tea while they're not working, and the bathroom they're going to use. That's the first thing we bu…”

“So if you look at U.S., there's at least 300 cities with a population of 100,000 or more. That's the first year. We should be at least in 300 cities. ASAP in the U.S. I don't know how long it will take.”

“Worldwide, we talked to many investors, and until Mike Morris invested in us, the others weren't brave enough to put their money in a Turkish business.”

“We are the first company in the world to come up with the idea six years ago.”

“In Getir, Turkey, in six years, we have scored very well in all these aspects. We saw them buying more from us, buying more frequently, and all the time these numbers are increasing.”

“And so now we know the optimal Optimum number is around 1500. So here's from me to all the competition. 1500 is the right number.”

“What matters is this, your per hour cost of the delivery versus the basket, the ratio there. So let's say if my labor costs in the UK is twice as much, and my basket size is 2.2 times as much, my labor, although I pay twice, is less in the UK than Turkey. It's…”

“He was the first to put, and he invested his own money. Sequoia came later”

“Getty is raising it, you know, 25% of their last round.”

“The total first was, it was like, fifty million bucks in total between secondary and primary, kind of, we got that plus sum and value of Gatir, and then the next check was a hundred million bucks. To restructure that equity, to pull it forward. So you get two …”

“I think the mistake the company made there was it left Turkey and didn't focus maybe on other markets that were similar to Turkey from a employment cost perspective.”

“In that case, from that fund, my guess is those decisions we made cost our partnership probably a half a billion dollars of capital. Between capital actually lost, and investors that you can't bring back.”