Investment firm Mubadala is rumored to be considering withdrawing from Turkish delivery service Getir, with DoorDash potentially expressing interest.
Founded in the vibrant city of Istanbul in 2015, Getir pioneered ultra-fast grocery delivery, quickly becoming one of Turkey's most recognized brands. The company's meteoric rise saw it reach a $12 billion valuation in 2022, following a funding round that included Mubadala, a sovereign wealth fund managing about $330 billion in global assets.
However, the partnership between Getir and Mubadala, once symbolizing Turkey's tech rise, later succumbed to financial strain and internal conflict. Clashes between the two parties began in 2024 over a proposed restructuring that would secure greater control for Mubadala. These disputes escalated, leading to legal battles in the Dutch courts, where Getir is incorporated, and resulting in Mubadala's favour.
The latest landmark transaction in Türkiye's food delivery sector was the handover of Trendyol Group's delivery subsidiary, Trendyol GO, to U.S.-based Uber in May, in a deal valued at $700 million. Now, Mubadala is considering a full exit from Turkish delivery company Getir, with the goal of reducing its stake in the company, with a potential successful conclusion expected by the end of 2023.
Reports suggest that Mubadala may offload Getir's car rental unit first in its potential divestment. Getir Arac, the vehicle rental arm of Getir, is reported to be in advanced talks with Turkish car-sharing platform Tiktak, marking Mubadala's first concrete step toward withdrawing from its Turkey-based operations.
Meanwhile, U.S.-based DoorDash is among the parties interested in buying Getir's core delivery business. DoorDash, the largest food delivery platform in the United States, has expanded beyond restaurant deliveries into groceries, convenience items, and alcohol, and operates in Canada, Australia, Japan, and select European markets. In May, DoorDash entered the U.K. market through the acquisition of Deliveroo, in a deal valued at approximately £2.9 billion ($3.9 billion).
If current divestment talks succeed, Mubadala would exit less than four years after its initial investment, marking the end of an era for the once-promising partnership between the two entities. The future of Getir remains uncertain, but one thing is clear: the ultra-fast grocery delivery market is ripe for disruption, and players like DoorDash are eager to make their mark.
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