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Mubadala applies to take full control of Turkey’s Getir

By Gavin Gibbon
Mubadala Getir New York Reuters/Richard Levine
Getir in New York in 2023. The company later pulled back from the US and Europe to concentrate on Turkey
  • Majority stake acquired in June
  • Company once worth $12bn
  • Focused on Turkey since April

The Abu Dhabi sovereign wealth fund Mubadala has formally applied to take full control of the Turkish grocery delivery startup Getir.

Mubadala had taken a majority controlling stake in the company in June this year as part of a restructuring programme, with a capital injection of $250 million.

The filing to take over Getir was made with Turkey’s Competition Board on Friday.

Person, Electronics, Mobile Phone

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Mubadala declined to comment when contacted by AGBI.

Under the restructuring, Getir was effectively split into two standalone units. The company’s co-founder, Nazim Salur, and others retained minority stakes and seats on the board.

Getir was launched in 2015 to provide restaurant courier services and on-demand grocery deliveries. It had particular success during the Covid pandemic, completing grocery deliveries ordered through its app often in under 10 minutes.

In March 2022, the Istanbul-based company concluded a $768 million funding round led by Mubadala that valued it at $12 billion. However, that valuation plummeted to $2.5 billion in a later round, according to a Financial Times report last year.

Getir began a global restructuring in August 2023 after withdrawing from Italy, Spain and Portugal that June.

The company subsequently announced plans in April this year to leave the European and US markets to focus on Turkey.

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