Uber has agreed to acquire the delivery business of Turkey’s Getir, once one of the biggest success stories of the country’s startup ecosystem, the company announced on Monday
The deal will see Uber paying $335 million at the outset to purchase Getir’s food delivery business. The ride-hailing giant will also pay $100 million for a 15% stake in Getir’s grocery, retail and water delivery business, and said it would complete the acquisition of the division over the next few years.
Uber is buying the business from Getir’s biggest shareholder, the Emirati sovereign wealth fund Mubadala. The investment firm was reportedly seeking to sell its stake in the company last year.
The deal comes after a turbulent few years for Getir, which once enjoyed a valuation of $12 billion, that saw the startup scale down its operations massively. The company launched to great traction in 2015, and invested aggressively to expand its operations in the U.S. and Europe, both organically and via acquisitions, especially during the pandemic.
But after the pandemic lockdowns eased, broader consumer demand for food and grocery delivery also wavered, and Getir chose to cut its losses in 2024, shutting shop and laying off thousands of staff in the U.S., U.K, and Europe in order to focus on business back home.
Nearly a year ago, the company went through a struggle for control over a restructuring plan proposed by Mubadala. The plan was opposed by one of Getir’s co-founders, who eventually sued to fight the “illegal coup,” but a Dutch court rejected the founder’s appeals.
The company has raised a total of $2.40 billion so far, according to PitchBook. Documents filed by Getir in court last year show the company valued its group assets at $374 million.
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