Uber acquires delivery service Getir in Turkey

Market consolidation in delivery services is also progressing in Turkey. Uber, the majority owner of the Turkish provider Trendyol Go, is taking over its competitor Getir, provided the country's competition authority approves it. Uber and Getir's previous majority owner, Mubdala Investment, announced this on Monday. In Turkey, Getir delivers food, groceries, retail goods, and water at lightning speed.

Mubdala is a huge sovereign wealth fund from the Emirate of Abu Dhabi that invested in Getir and various subsidiaries starting in 2021. The delivery service repeatedly had to be rescued by financial injections and withdraw from all foreign markets, including Germany and the USA, to avoid going under. In September 2024, Mubdala finally took control of Getir, much to the displeasure of its founder, who unsuccessfully took legal action.

Ride-hailing company Uber wants to continue operating both Turkish brands, Getir and Trendyol Go, according to a statement. Trendyol users will be able to order more groceries through this app. Restaurants available via Trendyol will also be offered in the Getir app. The word getir is a variation of the Turkish equivalent of “to bring.”

Truly Loss-Making

Uber and Mubdala are not disclosing financial details. It is unlikely that the venture has paid off for the Arabs in the end. In 2022, Getir was still valued at twelve billion US dollars; that is no longer the case today. The entire industry has not lived up to its hype, which was significantly influenced by the COVID19-related restrictions. Operating an instant delivery service is very complex, yet customers do not want to pay much. Numerous providers around the world have been acquired or had to close down.

The Getir subsidiaries Bitaksi (a taxi app) and Getir Finans (financial services) are not included in the acquisition. Mubdala is still looking for buyers for these. The car rental company Getir Acar was sold by the Arab fund to the Turkish competitor Tiktak last year.

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