"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. Getir has scaled down its operations massively from just a few years ago. 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."
"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."
Uber agreed to buy Getir's food delivery business for $335 million upfront and to pay $100 million for a 15% stake in Getir's grocery, retail and water delivery division, with plans to complete acquisition of that division over the next few years. The seller is Mubadala, Getir's largest shareholder. Getir once reached a $12 billion valuation but scaled back massively after pandemic demand waned, exiting many U.S., U.K. and European markets and laying off thousands in 2024. A co-founder opposed a Mubadala restructuring plan and sued, but Dutch courts rejected the appeals. PitchBook shows $2.40 billion raised and group assets valued at $374 million.
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