Getir's Strategic Shift: Mubadala Investment Assumes Majority Stake

Getir's Strategic Shift: Mubadala Investment Assumes Majority Stake

By Staff Writer, 27 June 2024

Abu Dhabi's sovereign wealth fund, Mubadala Investment Co., is poised to assume majority control of Turkish food delivery giant Getir, following an agreement among investors for a significant restructuring and infusion of $250 million in fresh capital, as reported by Bloomberg on Monday (June 24).

Under the restructuring plan, Mubadala, already an investor in Getir, will spearhead the capital injection, securing a controlling interest in Getir's core grocery and food delivery operations within Turkey. This move will see Getir co-founder and CEO Nazim Salur, alongside fellow co-founders, retaining minority stakes in the Turkish grocery segment.

Simultaneously, Salur and his team will take charge of a newly formed entity encompassing other facets of Getir's business, including BiTaksi, a job marketplace, the N11 shopping platform, and the US-based FreshDirect grocery business. This strategic realignment marks Getir's strategic pivot away from international markets, with recent announcements confirming its exit from the US, Germany, UK, and the Netherlands starting last April.

Source: Cleofe Maceda / Zawya

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