Food & Drink Mubadala-backed Getir weighs asset sales By Pramod Kumar April 17, 2024, 6:09 AM Getir Getir raised $768 million through a funding round led by Abu Dhabi's Mubadala that valued the startup at $12 billion in 2022 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. NewsletterGet the Best of AGBI delivered straight to your inbox every week 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. Mubadala backs UAE startup Moove’s $100m funding round Food delivery drives Turkish motorbike sales Gulf delivery companies innovate to go the last mile 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.