What did Uber agree to acquire from Getir?

Uber agreed to acquire Getir's delivery operations in Turkey, including food, grocery, retail, and water delivery services.

How does this deal impact Uber's presence in Turkey?

The acquisition significantly bolsters Uber's position in the Turkish market, reflecting its long-term investment commitment to the country.

What is the current valuation of Getir's assets compared to its peak?

Getir's assets are being acquired at a considerably lower valuation than its peak, which was once $11.8 billion.

Home / Business and Economy / Uber Buys Getir's Turkish Delivery Operations

Uber Buys Getir's Turkish Delivery Operations

9 Feb

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Summary

Uber agreed to acquire Getir's delivery operations in Turkey.
The deal significantly bolsters Uber's presence in the Turkish market.
Getir's valuation has dramatically decreased since its peak.

Uber Technologies Inc. has announced an agreement to acquire Getir's delivery operations within Turkey. This strategic move is set to enhance Uber's standing in the Middle Eastern market, particularly in Turkey, a country recognized for its growing middle class and digital economy. The acquisition covers Getir's complete delivery segment, encompassing food, groceries, retail goods, and water.

This development signifies Uber's continued investment in Turkey. The US company had previously acquired a substantial stake in another Turkish delivery app, Trendyol Go, last May. The current deal involves acquiring Getir's assets at a considerably lower valuation compared to its peak, which once stood at $11.8 billion. Getir, founded in Istanbul in 2015, pioneered rapid grocery delivery, aiming for 10-minute fulfillment.

The rapid-delivery sector experienced a boom during the pandemic, attracting significant investment for global expansion and aggressive discounting. However, post-pandemic shifts in consumer behavior and rising interest rates have led to market contractions. Getir, alongside competitors like GoPuff and Zapp, has faced investor pressure to cut costs, leading to staff reductions and market retreats. Mubadala Investment Co., Getir's controlling shareholder, is also exploring separate sales for Getir's finance and car-rental divisions.