What’s behind the power struggle at Mubadala-backed Turkish firm Getir?
The start-up, once valued at more than $10 billion, has been struggling financially over the past year due to waning consumer demand.
The board of the Turkish food delivery and e-commerce start-up Getir ousted its CEO last week before reinstalling him days later, according to a Reuters report published Thursday. The intervention by the company's biggest shareholder, Mubadala, Abu Dhabi's sovereign wealth fund, has upset Getir's founders, leading to a shakeup in top management.
Founded in 2015, Getir provides “delivery-on-demand” services for food and groceries as well as e-commerce, finance and ride-hailing services.
The Istanbul-based company was once one of Europe’s highest-value start-ups, worth more than $10 billion. Over the last year, however, Getir has struggled financially due to waning consumer demand, leading to a restructuring deal with Mubadala.
In June 2024, in a filing to Turkey's Competition Board, Mubadala said Getir’s independent directors had unanimously approved the deal, which included one of the company's founders and former CEO Nazim Salur being replaced by Getir Turkey CEO Batuhan Gultakan.
