The e-commerce M&A landscape was relatively quiet in 2023. The acquisitions made in that year did not make it into the all-time top 10 based on deal value. The purchase of Flipkart, an Indian online shopping platform based in Bengaluru, by Walmart in 2018 ranks as one of the largest e-commerce startup acquisitions to date, with a value of 16 billion U.S. dollars. Online food delivery company Wolt was bought by DoorDash in 2018, an operation which cost the acquiring company some 8.1 billion dollars. Most recently in December 2022, the Turkish quick commerce company Getir acquired its German competitor, Gorillas, for 1.2 billion U.S. dollars.
Quick commerce giants
Getir and Gorillas are two of the best-funded quick commerce startups in the world. In its home country of Germany, Gorillas was not only the leading quick commerce startup, but the leading e-commerce startup in all segments in terms of funds raised, with 1.3 billion U.S. dollars of investments accumulated as of December 2022.
Different regions, different startup realities
The e-commerce startup landscape varies widely from one region of the world to the next. This can be seen clearly when comparing the funds raised by e-commerce startups in Africa to the funds raised by Mexican e-commerce startups, or the UK.