Getir: Uber Takes Over Delivery Service in Turkey
Uber is set to acquire Turkish delivery service Getir, reports heise. The US conglomerate is already majority owner of Turkish Getir rival Trendyol Go. The new acquisition deal still requires approval from Turkish competition authorities. This acquisition would be another step in the increasing consolidation of the delivery service market.
Mubdala Investment Sells Delivery Service
Getir is known for its fast deliveries and experienced massive growth especially during the Covid pandemic. At one point, the company was even a decacorn (valued at more than 10 billion dollars) and had a strong presence in Germany following its acquisition of Gorillas. The previous majority owner was Mubdala Investment, a massive sovereign wealth fund from the Emirates of Abu Dhabi, which invested in Getir and various subsidiaries starting in 2021.
The delivery service has struggled with financial problems in recent years. It repeatedly required cash injections and has withdrawn from all foreign markets, including Germany and the United States, retreating. In September 2024, Mubdala finally took control of Getir, much to the dismay of founder Nazim Salur, who pursued legal action in vain.
Getir and Trendyol Go Brands to Continue
According to reports, Uber intends to maintain both Turkish brands, Getir and Trendyol Go. Trendyol users will be able to order more groceries through this app. Restaurants available via Trendyol will also appear in the Getir app’s offerings.
Uber and Mubdala are not disclosing financial details. In 2022, Getir was valued at twelve billion US dollars, but that is no longer the case today. The entire industry has failed to live up to its hype, which was significantly driven by Covid-related restrictions. Operating an instant delivery service is very resource-intensive, yet customers are unwilling to pay much. Numerous providers around the world have been acquired or forced to shut down.
Getir subsidiaries Bitaksi (a taxi app) and Getir Finans (financial services) are not covered by the acquisition. Mubdala is still seeking buyers for these. The car rental company Getir Acar was sold by the Arab fund to Turkish competitor Tiktak in the previous year.
