{"id":78563,"date":"2024-05-15T00:00:00","date_gmt":"2024-05-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/05\/15\/turkeys-last-mile-firm-getir-clashes-with-mubadala-in-management-row\/"},"modified":"2024-05-15T00:00:00","modified_gmt":"2024-05-15T00:00:00","slug":"turkeys-last-mile-firm-getir-clashes-with-mubadala-in-management-row","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/05\/15\/turkeys-last-mile-firm-getir-clashes-with-mubadala-in-management-row\/","title":{"rendered":"Turkey\u2019s last-mile firm Getir clashes with Mubadala in management row"},"content":{"rendered":"

Trouble between Mubadala and Turkish startup Getir?<\/strong> Tensions between Turkish last-mile delivery startup Getir<\/a> \u2019s founders and Mubadala \u2014 its largest investor \u2014 are rising after a member of its top management, Chief Strategy Officer Derya Erdemli, was dismissed by the startup\u2019s management, Bloomberg<\/a> reports, citing unnamed insider sources. <\/p>\n

Who owns what:<\/strong> Mubadala holds around 30% of Getir\u2019s shares, making it the firm's largest shareholder. CEO and founder Nazim Salur and Turkish investors hold another 25% stake in the outfit, Bloomberg said. <\/p>\n

Getir\u2019s value took a dip: <\/strong>Getir\u2019s valuation crashed to USD 2.5 bn in September, falling steeply from USD 11.8 bn in 2022, the outlet said. This was due to the combination of easing of pandemic regulations and lockdown, as well as spiraling costs associated with acquisitions.<\/p>\n

Biting off more than it could chew:<\/strong> Problems arose after Getir began acquiring competing apps abroad, including shelling out USD 1.2 bn to snap up Berlin-based delivery startup Gorillas<\/a> in 2022, Bloomberg<\/a> also reported separately. Despite doing away with some of the competitions, Getir\u2019s acquisition of Gorilla saw ballooning costs, as merging additional warehouses, employees and tech proved costly and time-consuming, Bloomberg<\/a> explains.<\/p>\n

What happened next: <\/strong>Mubadala pushed Erdemli and top management to downsize international operations and slash cashflow burn in December 2023, causing tensions to escalate between the Abu-Dhabi based wealth fund and Salur. Mubadala has since called for Getir to exit its international operators and refocus on Turkey.<\/p>\n

Getir began shuttering int\u2019l operations:<\/strong> Getir shut down operations in France, Italy, Portugal, Spain last summer, with the company\u2019s cashflows burning through USD 50 mn a month at the time, Bloomberg<\/a> reported at the time. The start-up said it would leave its remaining international operations last month, closing operations in the UK, Germany, Netherlands and the US, which together accounted for some 7% of its revenues, Bloomberg<\/a> reported separately.<\/p>\n

Investment life-plug:<\/strong> Mubadala, along with other investors, provided Getir with additional funding \u2014 which Bloomberg says came in at about USD 200 mn \u2014 to Getir in late April. The investment was split into tranches, with USD 90 mn of the total already paid out, and full delivery contingent upon Getir meeting set targets, including changes to the board and a reshuffle of senior management, sources told Bloomberg last month.<\/p>\n

Where are we now? <\/strong>Salur is yet to call for a meeting to figure out a new board. Erdemli\u2019s dismissal last week is set to spark further tension with foreign backers, insider sources speculate.<\/p>\n","protected":false},"excerpt":{"rendered":"

Getir\u2019s valuation crashed to USD 2.5 bn last September tumbling from USD 11.8 bn in 2022<\/p>\n","protected":false},"author":1,"featured_media":78564,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[319],"tags":[203,231,129],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-78563","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-last-mile","tag-last-mile-delivery","tag-turkey","tag-uae","wpautop","entry"],"acf":{"mongo_id":"1a02cb61-e705-49c6-af18-cdc72a49522a","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/1040.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Turkey\u2019s last-mile firm Getir clashes with Mubadala in management row","related_issue":[78553],"teaser":"Getir\u2019s valuation crashed to USD 2.5 bn last September tumbling from USD 11.8 bn in 2022","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.5509e010-54ce-43ba-b765-75d5f41953cf.mp3"},"yoast_head":"\nTurkey\u2019s last-mile firm Getir clashes with Mubadala in management row - 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