Mubadala-backed Getir weighs asset sales

Turkey’s grocery delivery startup Getir is considering asset sales as part of its ongoing restructuring talks, according to a media report.

The company, operating in five markets, including the UK, aims to sell off assets such as US online grocer FreshDirect, acquired last year, and BiTaksi, a ride-hailing app in Turkey, Sky News reported, citing unnamed sources.

Mubadala Investment Company, an Abu Dhabi-based entity with a minority stake in Getir, is backing the proposed asset sales, the report said.

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In March 2022, Getir concluded a $768 million funding round led by Mubadala that valued the startup at $12 billion. The other major investors were Abu Dhabi Growth Fund, Alpha Wave Global, Sequoia Capital and Tiger Global.

The company began a global restructuring in August 2023, announcing plans to cut 2,500 jobs across five countries after withdrawing from Italy, Spain and Portugal last June.

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A source close to the company dismissed the possibility of an insolvency process, the report said, adding that an exit from a country would be done in an organised manner. 

A Getir spokesperson declined to comment. 

Established in Istanbul in 2015, Getir provides restaurant courier services and on-demand e-grocery deliveries.