🛵 Mubadala’s Big Move
Abu Dhabi’s Mubadala Investment Company has officially applied to take sole control of Türkiye’s leading grocery delivery firm, Getir. The application was submitted to Türkiye’s Competition Authority (RK) in September 2024. This development follows Mubadala's increased involvement in Getir earlier this year. In June 2024, Mubadala invested $250M into the company, cementing its role as a major shareholder.
💼 Getir Restructures
Getir announced a major restructuring plan in June, driven by shifting market conditions and financial pressures. The plan saw Mubadala take over management and majority stake of Getir’s Turkish operations. The company’s founders, including Nazım Salur, will maintain a minority stake. “This restructuring allows us to focus on our key markets,” Salur said, explaining the strategy behind narrowing their focus on Türkiye.
🌍 Getir’s Retreat from Europe
Earlier in April 2024, Getir decided to exit its remaining European markets. Once a leader in rapid grocery delivery during the COVID-19 pandemic, Getir’s decision to withdraw came after rapid expansion across several countries, including the U.K. and Germany. The company’s valuation had peaked at over $10B, but shifting consumer preferences and financial tightening led to this strategic retreat.
📉 Challenges Facing Getir
Getir’s business, like other pandemic-era stars, faced challenges when consumer behavior changed post-COVID. Tightening financial conditions also played a part, forcing the company to focus on profitability. “It’s a tough market now, and we are prioritizing long-term growth,” a company spokesperson said. Mubadala’s acquisition will provide much-needed financial stability as Getir looks to navigate these hurdles.
What impact will Mubadala’s control have on Getir’s future?
