Getir has launched a new fundraising round in the UK, as it looks to calm rumours about potential insolvency.
According to Sky News, the grocery delivery app – which is based in Turkey – is working with investors to announce a funding round by the end of the month.
Led by Mubadala, the Abu Dhabi sovereign wealth fund, it is understood that the company is seeking a large sum somewhere in the region of $500 million, with franchisees seeing a return on this investment in over two years time.
The capital injection comes as it was rumoured that Getir may be about to put its British operation into administration and pull out of the country – both of which it denied.
The grocery delivery sector has suffered in recent years, after the surge in demand for home delivery orders during the pandemic started to drop – which stirred reports about a possible Amazon takeover for Ocado recently.
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Additionally, Getir has now pulled out of France and Spain, and in recent days it was reported to be closing some of its UK warehouses and axing staff.
A Getir spokesman told Sky News: “There are many incorrect claims being shared about Getir. We are currently finalising an investment round.
“Claims that Getir will file for insolvency are incorrect. If we exit any market, we will do so in an orderly manner.”
A spokesperson for Mubadala said: “Mubadala has been an investor in Getir since 2021.
“We are currently in advanced discussions with Getir to lead their latest funding round and we continue to work closely with Getir in support of its growth in the years ahead.”
In December, Getir concluded a takeover of Gorillas which valued its rival at $1.2bn (£915m).
