Uber Moves to Acquire Getir: Record-Breaking Offer on the Table!
Uber Technologies, based in the US, is taking new strides towards expanding its delivery sector in Turkey. According to a report by Bloomberg, the company is in preliminary discussions with Mubadala Investment Company, the main investor of Getir, about the possibility of acquiring certain parts of the Turkish startup. These early-stage talks could potentially encompass Getir's delivery operations and the total value of the deal could reach up to $1 billion. It is suggested that the final price will be determined based on the scope of the assets to be transferred.
Apart from Uber, other companies are also showing interest in Getir.
During the pandemic period, Getir, which achieved a rapid growth trajectory, had become one of the leading global companies in the 'fast delivery' sector, reaching a valuation of $11.8 billion. However, in the aftermath of the pandemic, the company downsized its international operations as demand fell, and entered a comprehensive restructuring process last year. Sources speaking to Bloomberg indicated that the discussions between Uber and Mubadala may not necessarily result in a definitive agreement, and also conveyed that other investors were showing interest in Getir's delivery arm. According to the same sources, Mubadala is considering evaluating the company's financial services unit as a separate sale option. Uber, Getir, and Mubadala, on the other hand, have not made any statements regarding the allegations.
Established in 2015, it experienced a surge during the pandemic.
Established in 2015 under the leadership of Nazım Salur, the founder of BiTaksi, Getir quickly became one of the most innovative tech startups in Turkey. By December 2019, the company had nearly doubled in size in just four years. However, it was during the pandemic that Getir truly soared. In 2021, by incorporating Spanish online grocery startup BLOK and British rapid delivery company Weezy into its operations, Getir expanded its reach internationally. As of March 2022, the company's valuation had reached a staggering $12 billion. Yet, from 2023 onwards, due to global economic conditions and dwindling demand, Getir began to gradually wind down its operations outside of Turkey. In September 2024, the company was acquired by United Arab Emirates-based Mubadala, marking the beginning of a restructuring phase.
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