Turkish food delivery giant Getir has received $250 million in investment led by Abu Dhabi wealth fund Mubadala Investment Co.
Founded in 2015, the company has raised over $1.8B, previously raising a $768 million Series E funding round in 2022.
However, the company has struggled in its expansion with a recent withdrawal from the European market. In May the company announced its exit from Germany which also resulted in the closure of Berlin grocery delivery service Gorillas, which was acquired by Getir for €1.1B in December 2022. Getir pulled out of its other European markets, France, Italy, Spain, and Portugal, in 2023.
Turkey, the Istanbul company’s home market, is now its only market.
As part of the funding, co-founder and CEO Nazim Salur will be replaced by Getir’s Turkey head Batuhan Gultakan.
Shareholders approved a split on Sunday. The company will now consist of two separate businesses— a food delivery business in Turkey, controlled by an existing investor named Mubadala and separate standalone business that includes all the company’s other assets.
The founders of Nazım Salur and Getir will take a controlling stake in a second new entity comprising Getir’s remaining businesses, including its BiTaksi ride-hailing operation, jobs board, N11 shopping platform and its US FreshDirect grocery business. GetirFinance’s ownership structure is as follows:
- Getir founders: 40 per cent
- Mubadala: 32 per cent
- Isbank’s Maxis fund: 20 per cent
- Crankstart (Michael Moritz’s investment vehicle): 8 per cent
Getir board member Hani Barhoush shared:
“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 Turkey.”
