Recently retreating from European and American markets, the grocery delivery company Getir has captured headlines again with a significant new investment. It has been revealed that the company will receive a substantial investment from Abu Dhabi’s Mubadala Wealth Fund but will split into two distinct entities. Here’s what we know so far:
Getir to Split Following New Investment
After announcing the cessation of its international operations due to financial difficulties, Getir is set to split into two following a new investment. Mubadala, the state investment fund of Abu Dhabi and one of Getir’s shareholders, will inject up to $250 million into the food distribution company. This infusion of funds will result in Getir operating as two independent companies. According to the company, Nazım Salur and the founders of Getir will hold minority shares in the new group structure and continue to sit on the board of directors.
The company aims to expand its distribution network in Turkey and streamline its operations. One group will continue managing the food and grocery distribution operations, while the second group will handle Getir’s e-commerce, finance, mobility sectors, and U.S.-based FreshDirect.
Management and Future Plans
Batuhan Gültakan will lead the company’s split, with Getir founder Nazım Salur stepping away from any roles in food and meal distribution. Salur will instead focus on other services such as GetirBiTaksi and GetirAraç, career platform Getirİş, and FreshDirect, which operates a grocery delivery service in New York.
Unlike the market and food distribution side, Mubadala and other investors will hold minority stakes in the other services. With the new investment and company split, Getir aims to achieve a larger market share and a broader distribution network, indicating a stronger focus on other services as well.
Statements from Getir’s Founders and Investors
Nazım Salur, Founder of Getir, expressed pride in pioneering the sector of 10-minute grocery delivery and credited the success to the dedication and hard work of all Getir employees and investors. “This new structure will better position Getir’s online market and food delivery services in Turkey, while allowing me and the founding partners to devote sufficient time to other promising Getir services,” said Salur.
Hani Barhoush, Executive Director of Mubadala Diversified Investments Platform and a member of Getir’s Board, commented on the restructuring and latest investment: “Mubadala has always been a long-term and committed investor in Getir. Our latest investment reflects our strong confidence in the future promised by the company’s main operations in Turkey. On behalf of the Board, we express our appreciation and gratitude to Nazım Salur for his vision and leadership over the years, and we look forward to continuing our collaboration with him.”
What are your thoughts on Getir’s new investment and its decision to split? Feel free to share your opinions in the comments below.
