Getir co-founders file lawsuit against Mubadala – report

The co-founders of Turkish nutrient transportation start-up Getir person initiated ineligible proceedings against Abu Dhabi’s Mubadala Investment Company successful London’s High Court.

According to a Financial Times (FT) report, Getir co-founders Nazim Salur and Serkan Borançılı sued Mubadala for astatine slightest $700m, alleging that the Gulf sovereign wealthiness money did not transportation assets promised successful a 2024 restructuring, including Getir Finance.

In the lawsuit, the claimants said that they person “suffered important loss” arsenic a effect of the alleged nonaccomplishment to manus implicit the assets.

Brought connected grounds of alleged breach of declaration and conspiracy, the lawsuit comes soon aft Mubadala announced the merchantability of Getir’s Turkish nutrient transportation operations to Uber successful a $335m transaction.

Founded successful 2015, Getir was among the aboriginal players successful the nutrient and market transportation sector, a conception that expanded sharply during the Covid-19 pandemic.

The institution reached a valuation of $12bn successful 2022.

However, the startup’s presumption weakened arsenic rising involvement rates and a downturn successful exertion stocks curbed capitalist involvement successful loss-making maturation companies.

In June 2024, Getir signed a restructuring statement with Mubadala.

Under that plan, the Abu Dhabi sovereign wealthiness money would pb a $250m currency injection and instrumentality bulk power of Getir’s Turkish market business.

The remaining assets were to beryllium placed into a abstracted institution successful which Salur and Borançılı were to clasp a controlling stake.

In their lawsuit, the co-founders accidental that, successful practice, lone the FreshDirect market work and the online marketplace n11 were transferred to them. They picture these arsenic the slightest profitable parts of the group.

They besides assertion they are inactive owed different assets, including Getir Finance, which they accidental was valued astatine $510m past year.

“The assets which were expected to person been hived retired and transferred to their power were ne'er truthful transferred (save for the 2 astir unprofitable and liability-laden entities),” the lawyers for Getir co-founders told FT.

Mubadala has not yet filed its defence.

"Getir co-founders record suit against Mubadala – report" was primitively created and published by Verdict Food Service, a GlobalData owned brand.

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