Uber to buy delivery arm of Turkey’s Getir

Uber has agreed to acquire Turkey’s Getir delivery business, which was one of the country’s biggest eco-startup success stories, the company said. he announced on Monday

The deal will see Uber paying $335 million initially buying Getir’s food delivery business. The giant will also pay $100 million for a 15% stake in Getir’s grocery, grocery and water delivery business, and said it will complete the acquisition over the next few years.

Uber is buying the business from the main shareholder of Getir, the Emirati Mubadala investment fund. The investment company was he says wanted to sell his shares in the company last year.

The deal comes after several difficult years for Getir, which was once valued at $12 billion, which led the startup to significantly reduce its operations. The company started doing well in 2015, and he added aggressively to expand his work in the US and Europe, both physically and through purchases, especially during the pandemic.

But after the lockdown ended, consumer demand and food sales declined, and Getir decided to do so. to cut his losses in 2024, they closed stores and laid off thousands of workers in the US, UK, and Europe to focus on the business at home.

About a year ago, the company passed a fight for power on the renovation plan that Mr. Mubadala has made. The plan was challenged by one of Getir’s co-founders, who eventually sued for “unlawful attack,” but the Dutch court rejected the founder’s appeals.

The company has raised $2.40 billion in funding to date, according to PitchBook. Notes filed Getir’s filing in court last year revealed that the company invested $374 million in its shares.

“This performance shows the strength of the business and the progress it has made, especially in the last year,” Waleed Al Mokarrab Al Muhairi, Mubadala’s deputy CEO, said in a statement.

Uber said it will combine the new services with Trendyol Go, the Turkish ride-hailing giant’s food and grocery delivery service. he bought it for $700 million last May. Uber said Getir’s food delivery business alone is set to record more than $1 billion in revenue by 2025, up 50% from the previous year.

The deal follows a strong showing for Uber’s delivery business in the fourth quarter, to announce revenue of $4.89 billion, up 30% from the previous year. The company said that Europe, the Middle-East and Asia will be the fastest growing region in 2026.