🚚 Getir Raises $250M from Mubadala
Getir, a leading Turkish food delivery company, has secured a $250 million investment led by Abu Dhabi's Mubadala Investment Co. This brings Getir's total funding to over $1.8 billion. The investment comes amid Getir's recent struggles with its European expansion. In May 2023, the company announced its exit from Germany, which included closing the Berlin-based grocery delivery service Gorillas, acquired for €1.1 billion in December 2022. Following this, Getir pulled out of France, Italy, Spain, and Portugal in 2023.
🏠 Focus on Turkey
Getir has decided to concentrate on its home market, Turkey, which is now its only market. This strategic move aims to solidify its presence and strengthen its operations domestically. The company has been a significant player in Turkey since its founding in 2015 and continues to be a leader in the food delivery sector. The shift allows Getir to optimize resources and focus on delivering better services to Turkish customers.
👥 Leadership and Structural Changes
As part of the new funding, Getir's co-founder and CEO Nazim Salur will step down, making way for Batuhan Gultakan, the head of Getir's Turkey operations, to take over. Shareholders approved a split that will create two separate entities. The food delivery business in Turkey will be controlled by Mubadala. A second entity will include Getir's other assets like BiTaksi, N11 shopping platform, and FreshDirect in the US, with the founders holding a 40% stake.
💬 Quotes and Future Outlook
Getir board member Hani Barhoush stated, "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." This restructuring and investment signal a new phase for Getir as it aims to enhance its services in Turkey and manage its diverse business portfolio more efficiently. The future looks promising for Getir as it adapts to market demands and investor expectations.
How will Getir's restructuring impact its future growth?
