Skip to content

Getir ventures into partnership territory with Türkiye Wealth Fund amid speculations

Getir ventures into partnership territory with Türkiye Wealth Fund amid speculations
By Newsroom
May 15, 2024 4:25 PM

Getir, a leading Turkish rapid delivery service, has signed a confidentiality agreement with the Turkey Wealth Fund (TVF), indicating a potential partnership on the horizon, Swipeline reports.

While Getir has yet to issue an official statement regarding the matter, further developments are anticipated to be officially disclosed in the coming weeks.

Established in August 2016 to manage certain companies under the Prime Ministry, the Türkiye Wealth Fund was brought under the Presidency by Presidential Decree No. 1 in 2018.

Currently operating under the Presidency, TVF, in line with the 65th Government of Türkiye’s stated objectives, continues its operations to contribute to the diversity and depth of capital markets, revitalize publicly owned assets domestically, secure external resources, and participate in strategic, large-scale investments by establishing and managing Turkey Wealth Fund and its subsidiary funds.

The exact motivation behind Getir’s handshake with TVF remains undisclosed, yet the company’s recent downturn may have played a significant role.

Just about three weeks ago, Getir ceased all of its international operations, officially withdrawing from Europe and the U.S.

In its official statement, the company emphasized that it derived only 7% of its revenues from overseas, thus refocusing on the Turkish market, where it sees the greatest potential for long-term sustainable growth.

Shortly before this decision, on April 16, reports surfaced in the British press alleging Getir’s plans to sell BiTaksi.

The same reports suggested that Mubadala, one of Getir’s minority shareholders, was insistent on the sale and that AlixPartners would provide consultancy during Getir’s restructuring processes.

Last Updated:  Jun 26, 2024 11:27 AM