Turkish food delivery giant Getir has received a $250 million investment led by Abu Dhabi asset manager Mubadala Investment Company.
The company was founded in 2015 and has raised more than $1.8 billion to date, including $768 million in a Series E funding round in 2022.
However, the company has recently pulled out of European markets and has struggled to expand. In May, it announced its withdrawal from Germany, which also saw the closure of its Berlin grocery delivery service Gorillas. The company was acquired by Getir in December 2022 for €1.1 billion. Getir also exited other European markets, including France, Italy, Spain and Portugal, in 2023.
Turkey, where the company is based in Istanbul, is currently its only market.
As part of the funding, Getil’s co-founder and CEO, Najim Saloor, will be replaced by Batuhan Gultacan as its head of Turkey.
Shareholders approved the split on Sunday and the company will now consist of two separate businesses: a Turkish food delivery business controlled by existing investor Mubadala and a separate business containing all the company’s other assets.
Nazım Salur and the founders of Getir will acquire a controlling stake in a second new company consisting of Getir’s remaining businesses, which include the BiTaksi ride-hailing service, job board, N11 shopping platform and the FreshDirect grocery business in the U.S. The ownership structure of Getir Finance is as follows:
Getil founders: 40% Mubadala: 32% Isbank’s Maxis fund: 20% Crankstart (Michael Moritz’s investment company): 8%
Hani Barhoush, Managing Director at Getir, said:
“Mubadala is a long-term committed investor in Getir and this capital injection reflects our strong confidence in the company’s promising future core business in Turkey.”
