Getir investors are set to fund the rapid delivery firm’s withdrawal from the UK with a new cash injection.
According to Sky News, shareholders have put together provisional plans to provide tens of millions of pounds to Getir in the coming weeks.
Sources close to the situation told the title that leading investors including Mubadala, the Abu Dhabi state-backed fund, Sequoia Capital and Tiger Global were understood to have agreed to the new funding plan.
It would be in addition to the more than the $2bn (£1.6bn) that the firm has raised so far.
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While an announcement could be made this week, people close to the firm said the exact timing is yet to be finalised.
Getir was first understood to be preparing to withdraw from the UK market, as well as other European operations in Germany and the Netherlands last week, in a move expected to put approximately 1,500 jobs at risk.
It came amid a turbulent week for the delivery firm, after sources close to the company revealed that it was exploring the sale of some of its assets after “make or break” crisis talks escalated.
Discussions on the future of FreshDirect – Getir’s US arm which it only acquired from Ahold Delhaize in November 2023 – are also ongoing.
The changes would leave Getir focusing on its domestic food delivery operations in Turkey, as the insiders said the cash injection would not only cover the cost of exiting the remaining European markets, but also provide additional finding for the Turkish business.
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This was always destined to fail. I couldn’t believe what I was even being attempted.