Mubadala seeks regulatory approval for acquisition of Getir subsidiaries
File photo shows a smartphone displaying the Getir logo is held up against a blurred background featuring a Getir delivery rider on a scooter (Adobe Stock Photo)
Mubadala Investment Company has applied to Türkiye’s Competition Authority for the acquisition of four Getir subsidiaries, as the embattled Turkish quick-commerce company undergoes a financial restructuring process.
Mubadala’s move for Getir’s subsidiaries
According to an official notification from the Turkish Competition Authority, MIC Capital Management, a Mubadala-linked fund, has formally applied to acquire indirect control over Getir Arac Dijital Ulasim Cozumleri Ticaret A.S., Getir Teknolojik Hizmetler A.S., Getiris Danismanlik ve Ticaret A.S., and Getgo Teknoloji A.S.
The move comes amid a turbulent period for Getir, a Turkish startup which has faced financial difficulties and withdrawn from most of its international markets.
The company’s restructuring efforts have been at the center of growing tensions between its founders and Mubadala, its largest investor.
Getir’s rise and decline
Founded in 2015, Getir became a success story in the rapid delivery sector, particularly during the COVID-19 pandemic. At its peak in 2022, the company was valued at $11.8 billion following a funding round led by Mubadala.
However, by late 2022, its valuation had dropped to $2.5 billion, according to The Financial Times.
The Turkish startup grew rapidly, expanding into European and U.S. markets, but the company has since withdrawn from most of these locations.
In an effort to secure $250 million in funding, Getir agreed to separate its core grocery delivery business from non-core operations, paving the way for Mubadala to acquire select assets.
Leadership struggles and legal disputes
Getir has also been embroiled in a leadership dispute. CEO Batuhan Gultakan was dismissed by Getir’s board of directors, composed of founder Nazim Salur’s sons, in what Gultakan described as an unjustified termination.
“Last week, Getir’s Türkiye board, composed of the founder Nazim Salur’s sons, terminated my position without justification,” Gultakan told Reuters.
Mubadala has backed Gultakan, leading to further tensions between the fund and Getir’s founding members. In September 2024, Mubadala announced that Getir’s independent directors had unanimously approved an alternative restructuring proposal, which founder Salur denounced as an “illegal coup.” Salur has since pursued legal action in the Netherlands, Türkiye, and the U.K.
