More tough times for the instant-delivery startups that once flooded the markets of Europe. Getir, the company backed by Sequoia and other big investors and once valued at upwards of $12 billion, today announced that it would be officially pulling out of Spain, Italy, and Portugal as it inched closer to finalizing a round of investment. Getir also confirmed that it would continue to operate in the U.K., the U.S., Germany, the Netherlands and Turkey. The statement on the U.K. business puts to rest rumours that had been swirling that Getir was close to filing for bankruptcy protection in the country.

Getir’s retreat comes as it faces a major cash crisis and struggles to close a funding round that has been months in the works. The round was reportedly as high as about $500 million earlier this year, but that sum has reduced in recent weeks and will reportedly come at a big cost: rumours are that it could see Getir’s valuation halved in the process.

Getir will continue its operations in the U.K., U.S., Germany, the Netherlands and Turkey — which had accounted for the majority (96%) of its revenues.

The company provided us with the following statement:“Getir, the ultrafast grocery delivery pioneer, announced that it intends to withdraw in an orderly manner from Spain, Italy, and Portugal. At the same time, Getir is finalizing a funding round and will continue to operate in the UK, the US, Germany, the Netherlands, and Turkey, which generate 96% of the company’s revenues,” it said. “Getir’s withdrawal from these three markets will allow it to focus its financial resources on existing markets where the opportunities for operational profitability and sustainable growth are stronger. Getir is very grateful for the hard work and dedication of all its employees in Spain, Portugal and Italy.”

It should be pointed out that there have been reports of Getir’s move out of Spain since June, per union regulations; this is the official confirmation from Getir. The company had already pulled out of France in June.

Mubadala, the Abu Dhabi investment firm that already backs Getir (as well as others in the space, specifically Flink), confirmed to us this week that it will be leading Getir’s next investment round although it declined to discuss timing or any financials.“Mubadala has been an investor in Getir since 2021. We are currently in advanced discussions with Getir to lead their latest funding round and we continue to work closely with the company in support of its growth in the years ahead,” a spokesperson said.

Sky News reported earlier in July that the aim was to finalise this round by the end of the month.

Getir and its rivals have been on a rollercoaster ride over the last couple of years.

They soared to dizzying heights during and just after the pandemic as demand for food deliveries soared as people stayed away from physical stores, raising hundreds of millions of dollars to build out their footprints and aggressively quash each other in a mad rush of discounts and other promotions.

But it’s been a quick downfall for quick commerce, as companies have come crashing down the rails in the wake of customers moving back into pre-pandemic shopping patterns, economies and individuals facing cash crunches, interest rising and venture funding drying up.All of that has led to a big wave of layoffs, failures and consolidations in the space.

Among the biggest of them, at the end of last year, Getir gobbled up one of its biggest rivals in Europe, Berlin’s Gorillas. It was also reportedly on the cusp of taking out another biggie out of the German market, Doordash-backed Flink, last valued at some $3 billion.

Flink apparently walked away from that deal, however, opting instead to raise a little more money of its own (a sum that has never been confirmed as far as we can see: we have reached out to a Link spokesperson to try to get more on that).

GoPuff, another big player out of the U.S. market, has also made a number of waves in Europe, and it will be worth watching what moves it makes in the wake of all this.