Getir investors injects more cash to fund UK and Europe exit
The new funding will add to the more than $2bn Getir has already raised, making it one of the world's ‘most well-funded’ fast-delivery platforms
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Getir investors are reportedly set to inject more funds into the company to terminate its operations in the UK and Europe, according to Sky News.
The company shareholders have drawn up provisional plans to pump tens of millions of pounds more into Getir in the coming weeks.
According to sources close to the situation , leading investors such as Mubadala, the Abu Dhabi state-backed fund, Sequoia Capital and Tiger Global, were believed to have agreed to
The new funding will add to the more than $2bn (£1.60bn) Getir has already raised, making it one of the world’s “most well-funded” fast-delivery platforms.
The news comes after the Turkish delivery group announced last week that it was considering a number of asset sales as part of restructuring talks, putting thousands of jobs at risk across the markets where it operates.
The group is also reportedly in talks to offload FreshDirect, a US-based online grocer that it acquired late last year, as well as BiTaksi, a ride service in Turkey.
Some insiders also stated that Its operations in the UK, Germany and the Netherlands are all expected to be shut and Its new funding from shareholders would cover the cost of exiting the three markets in Europe. They also suggested that it would also provide additional capital to invest in the Turkish business.
According to Sky, the group could make an announcement this week although it is unclear when.
Retail Sector has contacted Getir for comment.
