Mubadala to seek full control of Getir at EGM: The founders of Turkey’s rapid grocery delivery startup Getir BV and its largest investor, Mubadala Investment, are scheduled to meet at an extraordinary general meeting (EGM) in Amsterdam on Sunday, Bloomberg reports. The meeting will vote on Mubadala’s proposal to take full ownership of Getir, a move the Abu Dhabi fund says is necessary to stabilize the company after the founders failed to finalize a June restructuring agreement.

Mubadala’s stance: “This new transaction will secure Getir’s financial stability and allow for the execution of its long-term business plan, protecting and sustaining employment for over 18k Turkish employees,” Mubadala said in the statement.

Getir founder Nazim Salur initiated legal action to challenge the move, which he described on X as an “illegal coup” aimed at reducing the founders’ stake to zero, the newswire reports. Salur urged Mubadala to uphold the June agreement to split Getir into two entities, while the company’s other co-founders, Serkan Borancili and Tuncay Tutek, have not commented publicly.

REFRESHER- Last September, Mubadala applied for full ownership of Getir’s grocery and food delivery businesses with Turkish antitrust authorities. Mubadala acquired a controlling stake in Getir in June, leading a USD 250 mn funding round tied to the company’s restructuring. The strategy aimed to divide the company into two entities: one focusing on food delivery in Turkey, primarily owned and managed by Mubadala with Batuhan Gultakan leading it. Meanwhile, Getir founder Nazim Salur stepped down as CEO to lead the other division, which included ride-hailing services and additional assets.

In context- Getir is in hot water: Once valued at USD 11.8 bn in 2022, Getir’s valuation fell to USD 2.5 bn in 2023 amid cash burn and exits from key markets, including the UK, Germany, the Netherlands, and the US. Internal disputes over strategy further strained the company’s performance.

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