The founders of Getir, the Turkey-based rapid delivery startup, have filed a lawsuit in London against Abu Dhabi-based sovereign wealth fund Mubadala due to a dispute over the company's restructuring process. The founders are seeking at least $700 million in damages.
Allegation: Assets Not Transferred
According to the lawsuit filed in court, Getir's co-founders Nazım Salur and Serkan Borançılı claim that certain assets promised to be transferred to them under the 2024 restructuring agreement were not delivered.
According to the Financial Times, the lawsuit alleges that despite an agreement reached between the parties in 2024, some valuable assets were not transferred to the founders. Specifically, it states that GetirFinans, the company's technology-based financial application, was not transferred. This application was valued at $510 million as of last year.
Only Loss-Making Entities Transferred
According to the founders' claims, among the assets that were supposed to be separated and transferred to them under the agreement, only two loss-making units were delivered. These are stated to be FreshDirect, an online grocery service operating in the US, and n11, a Turkey-based e-commerce platform.
The lawsuit comes shortly after Mubadala announced last week that it would sell Getir's food delivery operations in Turkey to Uber for $335 million.
Under the restructuring carried out in June 2024, Mubadala had acquired majority control of Getir's grocery operations for $250 million. The plan envisioned that the remaining assets would be consolidated under a separate structure controlled by the founders. This structure was to include n11, GetirBiTaksi, GetirAraç, Getirİş, and FreshDirect.
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