Mubadala-backed Getir votes on new board to resolve deadlock
Getir CEO Nazim Salur has agreed to convene an annual general assembly and vote on a new board for the grocery delivery start-up
A Getir driver makes a delivery in Madrid, Spain. (Photo: Getty Images)
Turkish grocery delivery startup Getir, which counts Mubadala as its largest shareholder, plans to address a management dispute that has been blocking a funding lifeline from existing investors.
Abu Dhabi sovereign wealth fund Mubadala demanded in April that additional cash be conditional upon changes to the board and senior management.
Getir CEO Nazim Salur agreed this week to convene an annual general assembly and vote on a new board, as the two sides work to move past the feud, Bloomberg reports.
Salur founded the company in 2015, operating at its peak over 1,100 so-called “dark stores” which worked as fulfillment centers in high-density neighborhoods.
Getir raised $768 million in a Series E round at a valuation of $11.8 billion in March 2022 amid a flood of investment into the delivery space during the Covid-19 pandemic.
The cash infusion spurred the company to continue its aggressive expansion into Europe and the U.S. which it has since unwound, now focusing on its home market of Turkey.
It was most recently valued at $2.5 billion as of September. Other investors include Sequoia and Tiger Global, as well as the Abu Dhabi Growth Fund and Alpha Wave Global.