Abu Dhabi’s Mubadala responds to accusations from Turkish company Getir

Abu Dhabi-based wealth fund Mubadala released a statement after Nazim Salur, the founder of Türkiye-based delivery service company Getir, has accused the investment company of breaching their binding agreement from June 2024.

The agreement split Türkiye-based tech giant Getir into two separate groups: one focused on food and delivery services, controlled by Abu Dhabi’s Mubadala, and the other managing e-commerce, finance, and mobility under Salur’s leadership.

Mubadala’s statement

In the statement, Mubadala has reiterated its long-standing commitment to Getir, highlighting its crucial role in the company’s growth and path to profitability. A statement from the company read: “Mubadala has been a long-time investor in Getir, demonstrating its dedication to the company’s growth and success. Since 2021, Mubadala has provided over 80% of the total investment in Getir, playing a significant role in the company’s expansion and its journey toward profitability.”

The statement continued:

“In June 2024, Mubadala reached an agreement with Getir’s founders on a restructuring plan designed to strengthen the company’s financial standing and ensure its long-term sustainability. However, the founders have since shown they are unable to fulfill the terms of this agreement. Consequently, Mubadala, in collaboration with the Independent Board Members, has agreed on an alternative transaction structure.”

How did Abu Dhabi’s Mubadala invest in Getir?

Abu Dhabi-based investment company took a controlling stake in Getir earlier this year during a fundraising round in June, which saw Getir founder Nazim Salur step down as CEO. Under the agreement, Salur and his co-founders retained minority stakes and board seats, despite disagreements with investors over the company’s strategy and costs.

Founded in 2015, Getir became a pandemic success story, offering ultra-fast grocery deliveries, often within 10 minutes. At its peak in 2022, Getir was valued at $11.8 billion after a funding round led by Abu Dhabi-based investment company. However, by the end of 2022, its valuation had plummeted to $2.5 billion, according to The Financial Times.

In 2015, a Turkish entrepreneur had an idea that would revolutionize the way people shop for groceries. That idea became Getir, a Turkish startup that promised to deliver groceries in just minutes, a concept that caught on like wildfire not only in Türkiye but across Europe and the United States.

The Turkish company Getir grew from a small startup into a multi-billion-dollar business in just a few years. However, despite its meteoric rise, Getir has recently made the surprising decision to withdraw from most of its international markets.