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Turkish on-demand grocery and food delivery platform Getir’s co-founders have filed a lawsuit in a U.K. court seeking at least $700 million in damages, alleging Abu Dhabi’s sovereign wealth fund Mubadala failed to transfer key assets promised under a restructuring agreement, local media reported.
The claim, which is said to be lodged with the High Court in London, centers on a 2024 deal that reshaped ownership of the Turkish-founded delivery platform and divided its business between Mubadala and the company’s founders.
The legal action came shortly after Mubadala agreed to sell Getir’s food delivery operations in Türkiye to Uber for $335 million, alongside a $100 million investment for a 15% stake in the company’s grocery, retail, and water delivery business.
Co-founders Nazim Salur and Serkan Borancili alleged they suffered substantial financial losses because Mubadala did not follow through on transferring a group of valuable assets, including the Getir Finance technology platform, a Financial Times report said.
The founders argued that only weaker-performing assets were handed over, while higher-value operations remained under Mubadala’s control.
According to court filings, the founders received ownership of FreshDirect, a grocery delivery business based in New York, and n11, an online shopping platform. However, they claimed Mubadala still owed them other assets, including Getir Finance, which had been valued at $510 million the previous year.
Founded in Türkiye in 2015, Getir built a rapid grocery and food delivery business that reached a valuation of around $12 billion in 2022 before falling to about $1 billion.
Mubadala first invested in Getir in 2021, leading a $300 million funding round, and later injected an additional $250 million as part of a June 2024 restructuring that gave the Abu Dhabi sovereign wealth fund majority control of the company’s core grocery delivery operations in Türkiye, while the founders retained selected international and technology units.
Tensions emerged soon after the restructuring, with the founders accusing Mubadala of breaching the June 2024 agreement by delaying promised asset transfers and pursuing plans that expanded its control beyond agreed terms. Founder Nazim Salur said the fund advanced alternative arrangements approved by independent directors without the founders’ consent, describing the move as an attempt to take control of the company.
The dispute escalated into a broader ownership conflict, with both sides preparing legal action across multiple jurisdictions as Mubadala explored selling parts of its Getir holdings.
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