Turkiye: Getir announces new investment and restructuring

Turkish grocery delivery app Getir has announced that it has received a new fresh investment of $250 million and that it will split into two groups.

Mubadala Investment Company, which injected the fresh capital, will hold the management and majority stake in the first group that will focus on food and grocery delivery operations in Türkiye.

The second group, in which Getir’s founder Nazım Salur and other founders will hold a majority stake, will run operations of the n11 e-commerce arm, mobility services of GetirBiTaksi and GetirArac and New York grocery delivery unit FreshDirect.

The restructuring will enable Getir to focus more on the online grocery delivery industry in Türkiye as the leader in this field with more resources, the company said in a statement.

GetirFinance, a new fintech company, will be 40 percent owned by Getir’s founders, 32 percent by Mubadala, 20 percent by Turkish private lender Işbank’s Maxis fund and 8 percent by Crankstart, the statement added, noting that this new venture will be launched as soon as required permissions are obtained.

“Mubadala has been a long-term and committed investor in Getir,and this capital injection reflects our strong confidence in the promising future of the company’s core business in Turkey,” said Hani Barhoush, Getir board member and CEO of Mubadala Diversified Investments Platform.

Founded in 2015, Getir announced in April that it would pull out from the United States and its remaining locations in Europe, redirecting its attention to its domestic market.

Getir said it was leaving the U.K., Germany, the Netherlands and the U.S., countries where it generated 7 percent of sales.

Source: hurriyetdailynews

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