Rapid delivery service Getir is to split into two separate companies, in a move set to inject fresh capital of £197.5m ($250m) into the business.

Turkey-based company Getir held a general meeting on Sunday in which shareholders agreed with plans to break the business up into two individual firms, reported Sky News.

One business will continue its food and grocery delivery operations in Turkey to be majority owned and controlled by the Abu Dhabi state investment fund Mubadala.

While the other business will be run by Getir founder Nazim Salur and comprise of the firm’s other assets, including car rental service Getir Drive and BiTaksi, the ride-hailing services.

Subscribe to Grocery Gazette for free

Sign up here to get the latest grocery and food news each morning

Sources close to the company said that Mubadala had agreed to invest a financial boosts of £197.5m ($250m) into the company to allow for the wind-down of its international arm, following which it will focus on bolstering its Turkish division.

The cash injection is understood to also be partly used to repay outstanding commitments, such as the reported several million pounds owed to Tottenham Hotspur FC, after breaking off its sponsorship early.

The news comes amid Getir’s sudden exit of the UK and other European market earlier this year, a shocking blow for the firm which was once valued at £9.6bn.

The decision to withdraw from Europe and the US followed a series of challenges at the quick commerce firm over recent years, including its valuation plunging 80% in September 2023.