Instant-delivery startup Jokr has initiated talks to sell its New York operations, which make up the bulk of its U.S. business, after encountering heavy losses in the city, said three people with direct knowledge of the matter.

Jokr has reached out to several rivals, including Philadelphia-based Gopuff, Istanbul-based Getir and California-based FastAF, to discuss a potential sale, the people said. If finalized, a sale of Jokr’s New York operations would mark a rapid retreat from a global expansion plan begun just last year, when the startup launched in more than ten cities across Latin America, Europe and the U.S.

The retreat under consideration follows pressure from Jokr investors on CEO Ralf Wenzel. Investors want Jokr to concentrate more on Latin America, where labor costs are lower and the company faces fewer competitors than in the U.S., one of the people added. In the past few weeks, some Jokr investors have also cited the broader drop in public tech stocks, which has already spilled over into private markets, as another reason to sell the bulk of U.S. business soon to help conserve cash, the person said. The public stock selloff could reduce valuations in private markets and make it harder to raise money.