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Mubadala injects $250m to revive Turkey’s Getir

Reuters/Piroschka van de Wouw
As part of a restructuring programme, Getir has been split it into two standalone business divisions

Abu Dhabi’s Mubadala Investment Company will invest $250 million in Turkish grocery delivery startup Getir as part of a restructuring programme that will split it into two standalone units.

The first standalone business will focus on domestic online groceries and food delivery services, with Mubadala, an existing shareholder, holding the management and majority stake, Reuters reported, citing a company statement.

Getir co-founder Nazim Salur and others will have a minority stake.

The second unit will continue operations in the e-commerce, finance, mobility and US-based FreshDirect. The startup founders will continue to hold a majority stake in this business division, the report said.

In April Getir announced that it was leaving the European and US markets to focus on Turkey.

Getir already exited the French, Italian, Spanish and Portuguese markets in 2023, and will now cease operations in the UK, the US, Germany and the Netherlands.

In March 2022, Getir concluded a $768 million funding round led by Mubadala that valued the startup at $12 billion.

The company began a global restructuring in August 2023 after withdrawing from Italy, Spain and Portugal last June.

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

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