UAE—Mubadala Investment Co., an Abu Dhabi wealth fund, has announced that it will take a controlling stake amounting to a US$250 million capital injection in the Turkish food delivery startup Getir.
This investment marks a significant shift in Getir’s operational strategy, especially after the company announced April 2023 its plans to exit several international markets, including the United States, Germany, the United Kingdom, and the Netherlands, according to a local daily, Zawya
This new development follows an announcement that Getir intends to restructure, aiming to split its business into two distinct entities, with Mubadala taking the lead in this transition, according to a statement from Getir.
With these changes, cofounder and Chief Executive Officer Nazim Salur will be replaced by Getir’s Turkey head, Batuhan Gultakan.
The restructuring follows a power struggle between Salur and Mubadala.
In May 2024, Salur agreed to convene an annual general meeting to determine the company’s future.
This meeting included the possibility that he could change roles to ensure more funding for Getir.
Despite this leadership change, Salur and his cofounders will continue to serve as board members and hold minority stakes in the grocery business.
As part of the restructuring, the company will now consist of two separate businesses.
The first will be a food delivery business in Turkey, controlled by Mubadala, the existing investor.
The second entity will encompass Getir’s remaining businesses, including its BiTaksi ride-hailing operation, jobs board, N11 shopping platform, and its US FreshDirect grocery business, where Mubadala will be a minority shareholder.
In addition to these changes, a new fintech startup, GetirFinance, will be established.
Ownership of this new venture will be divided as follows: 40% by Getir’s founders, 32% by Mubadala, 20% by Turkish national bank Isbank’s Maxis fund, and 8% by Crankstart, the personal investment vehicle of veteran Sequoia investor and early Getir backer Michael Moritz.
Commenting on this development, Getir board member Hani Barhoush highlighted that Mubadala has been a long-term and committed investor in Getir.
He emphasized that this capital injection reflects their strong confidence in the promising future of the company’s core business in Turkey.
Founded in 2015, Getir expanded rapidly beyond Turkey into Europe and the US during the pandemic, similar to other popular delivery apps.
The company became known for delivering groceries on demand through couriers on bicycles or motorbikes in as little as 10 minutes.
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