United Arab Emirates-based investment management holding company Mubadala has agreed to a significant $250m capital injection into Turkish food delivery company Getir.
The investment will result in a controlling stake for Mubadala in Getir’s domestic operations, Bloomberg has reported.
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The deal, which was announced on 24 June, is expected to see a restructure of Getir that divides the company and alters its leadership.
Mubadala will lead the investment round and assume control of Getir’s grocery and food business within Turkiye.
This strategic move comes after a reported power struggle between Getir’s co-founder and CEO Nazim Salur and Mubadala.
Salur, who in May 2024 agreed to an annual general meeting to decide the company’s direction, will be stepping down from his CEO role, to be replaced by Getir’s head in Turkiye, Batuhan Gultakan.
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By GlobalDataDespite the change in leadership, Salur and his co-founders will not be departing entirely and will transition to board member roles, while retaining minority stakes in the grocery segment of the business.
They will also hold a controlling interest in a newly formed entity that encompasses Getir’s other ventures.
These ventures comprise BiTaksi ride-hailing service, the N11 shopping platform, the jobs board and the US-based FreshDirect grocery operation, with Mubadala as a minority shareholder.
A new fintech venture, GetirFinance, is set to emerge with ownership distributed among Getir’s founders at 40%.
Mubadala will have 32% ownership in GetirFinance, while Isbank’s Maxis fund will have 20% and Crankstart, the personal investment vehicle of Sequoia investor Michael Moritz, will have 8% ownership.
Bloomberg quoted Getir board member Hani Barhoush as saying: “Mubadala has been a long-term and committed investor in Getir, and this capital injection reflects our strong confidence in the promising future of the company’s core business in Turkiye.”
Since its inception in 2015, Getir has experienced rapid expansion, extending its services across Europe and the US, especially during the pandemic.
Getir has faced challenges managing its cash flow, leading to its withdrawal from markets in the UK, Netherlands, Germany and the US in April 2024.
In July 2023, Getir decided to cease all its operations in Spain, as confirmed by Confederación Sindical de Comisiones Obreras.
