Abu Dhabi’s Mubadala violates agreement with Turkish company Getir
Once a symbol of convenience, Getir now refocuses on its core market in Türkiye after exiting several international markets. (Adobe Stock Photo)
Nazim Salur, the founder of Türkiye-based delivery service company Getir, has accused Abu Dhabi investment firm Mubadala of breaching their binding agreement from June 2024.
The agreement split Getir into two separate groups: one focused on food and delivery services, controlled by Mubadala, and the other managing e-commerce, finance, and mobility under Salur’s leadership.
Salur voiced his concerns on the social media platform X, alleging that Mubadala is unlawfully disregarding their agreement and attempting to seize the founders’ shares through what he described as an “illegal coup.” Salur further announced that legal action is underway to address the situation.
Mubadala defends its actions amid accusations
In response to Salur’s claims, Mubadala stated that their actions are aimed at ensuring Getir’s financial stability and maintaining employment for over 18,000 workers in Türkiye.
The company emphasized that the new plans have been unanimously approved by the Board of Directors’ independent members and will be presented for shareholder approval at an upcoming extraordinary general meeting.
A Mubadala spokesperson said the restructuring is intended to secure long-term business sustainability, benefiting all stakeholders involved.
Getir’s strategic split and Mubadala’s role
Following a $250 million investment in June 2024, Getir announced a strategic reorganization to focus on distinct market opportunities. The company was divided into two entities.
Mubadala gained control of Getir’s food and delivery services, while Salur took charge of e-commerce (including n11), finance, mobility (such as GetirBiTaksi), and U.S.-based FreshDirect.
In September 2024, Mubadala filed with Türkiye’s Competition Authority to assume full control of Getir Perakende Lojistik A.S., further solidifying its role in the company’s operations. However, the current legal dispute casts uncertainty on the future of the collaboration.
Mubadala’s Getir investment
Mubadala 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 Mubadala. 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. So, what led to this sudden change?
Getir founders’ innovative approach to grocery delivery
Getir was founded in 2015 by Nazim Salur, a seasoned entrepreneur known for his earlier success with the ride-hailing app BiTaksi, alongside Serkan Borancili, the co-founder of GittiGidiyor (which was later sold to eBay), and Tuncay Tutek, a former executive at multinational companies.
Salur’s idea was simple yet revolutionary: to deliver everyday essentials like groceries to customers in under 10 minutes. This was made possible by a network of “dark stores,” small warehouses strategically located in urban areas that stocked the most commonly needed items.
The founders’ extensive experience in tech and logistics allowed them to design a highly efficient system. By combining technology, logistics, and an understanding of consumer behavior, Getir quickly became a hit in Türkiye. The company’s ability to deliver items within minutes appealed to busy urban dwellers, particularly during the COVID-19 pandemic when demand for home delivery services surged.
How Getir quickly gained popularity?
Getir’s success in Türkiye laid the foundation for its rapid international expansion. The company’s model, built around the concept of ultra-fast grocery delivery, tapped into a growing market of consumers who valued convenience and speed.
By 2021, the Turkish startup had evolved into a company that expanded its operations to eight countries, including the UK, Germany, the Netherlands, and the U.S. The company’s valuation soared to $11.8 billion, making it one of the few Turkish “decacorns.”
Getir’s approach was not only innovative but also perfectly timed. The onset of the COVID-19 pandemic accelerated the demand for rapid home deliveries, particularly for groceries and everyday essentials.
With its efficient delivery model, Getir quickly captured significant market share in Türkiye and began replicating its success in major cities across Europe and the United States.
