Grocery delivery app Getir seeks to close financing amid industry crisis | business news
Getir, the grocery delivery app which is one of the biggest operators in the UK, is scrambling to complete a major fundraiser which it hopes will dispel mounting rumors of its solvency.
Sky News has learned that Turkey-based Getir is working with investors to announce a funding round by the end of the month.
The capital injection is being led by Mubadala, Abu Dhabi’s sovereign wealth fund, but is expected to be a smaller sum than the US$500 million (£382 million) reported a few months ago.
Getir’s efforts to complete the fundraising come amid rumors that the company may be close to taking control of its UK operations and pulling out of the country, both of which people close to it denied on Friday.
The food delivery sector has suffered from extremely difficult dynamics in recent years, coupled with deteriorating sentiment towards the technology sector.
Getir itself has withdrawn from France and Spain, while some of its UK warehouses have reportedly been closed and staff made redundant in recent days.
In December, the company completed a cash and stock buyout of Gorillas that valued the competitor at $1.2 billion (£915 million).
It is believed that Getir’s other major investors are also participating in the latest round of financing.
The valuation at which the new equity would be raised was unclear on Friday, although a spokesman in April denied reports it was worth US$6.5 billion (£5bn) – little more than half of what had gone before Evaluation.
A Getir spokesman said: “Many false claims are being made about Getir.
“We are currently finalizing an investment round.
“Claims that Getir will file for bankruptcy are false.
“When we exit a market, we will do so in an orderly manner.”
A Mubadala spokesman said: “Mubadala has been an investor in Getir since 2021.
“We are currently in advanced discussions with Getir to lead the latest funding round and we continue to work closely with Getir to support its growth in the years to come.”