Uber snaps up Getir in Turkey as Mubadala exits battered delivery bet

Uber is making a new pickup in Turkey: On Feb. 9, the US ride-hailing giant agreed to acquire Getir’s delivery business in the country for $335 million from the UAE sovereign wealth fund Mubadala.

The deal marks a fresh bet for Uber on a populous growth market and comes at quite the discount — as recently as 2022, Getir was valued at nearly $12 billion. On the flip side, the transaction marks the end of Mubadala’s troubled bet on Turkey’s technology sector, which comes as investment with the oil-rich Gulf state has faced setbacks of late.

Details: The deal brings Getir’s various delivery services under Uber’s umbrella, according to a press release. Alongside paying $335 million for Getir’s food delivery business, Uber will invest $100 million to acquire a 15% stake in Getir’s grocery, retail and water delivery business.

The deal, which is still subject to regulatory approval, will see Uber integrate Getir with Trendyol Go, another Turkish delivery platform that Uber agreed to buy for $700 million last May.

“With a thriving digital economy and a dynamic consumer base, Uber is committed to investing in Türkiye for the long term,” Uber CEO Dara Khosrowshahi said in the press release, describing the deal as a way to strengthen a “vibrant and competitive ecosystem.”

In Getir, Uber nets a brand that was once one of the hottest names in Europe’s tech sector. Founded in 2015, Getir expanded aggressively during the 2020 pandemic and raised billions, pushing into Europe and the United States. That expansion drive unraveled, however, as post-pandemic demand dried up.

The company eventually shuttered overseas operations, restructured and saw its valuation tumble. As of last year, Bloomberg reported Uber was in talks to acquire Getir’s delivery unit at a valuation of up to $1 billion.

The transaction concludes a turbulent four-year relationship between the e-commerce company and Mubadala. The $330 billion fund first invested in Getir in 2021 amid warming UAE-Turkey ties, later injecting fresh capital and ultimately taking full control in June 2025 after disputes with founders over restructuring plans. By late last year, Mubadala was openly exploring ways to exit from Getir’s businesses, and sold its car-rental arm to Turkish firm Tiktak last November.

“This transaction reflects the strength of the business and the progress it has made,” Mubadala deputy group CEO Waleed Al Mokarrab Al Muhairi said in the press release, adding that the fund remains interested in Turkey.

At Davos in January, the wealth fund’s CEO spotlighted artificial intelligence and robotics as focus areas going forward.

Why it matters: The deal highlights a stark divergence in outcomes. Uber is consolidating delivery assets in a market with roughly 90 million consumers, betting that Turkey’s demographics and digital adoption can support growth. The US company has experience with major transactions in the wider Middle East. In 2019, Uber acquired local ride-hailing rival Careem for $3.1 billion — though in 2023 it then sold a majority stake in Careem’s super-app business, a platform that offers a range of e-commerce and financial services on a single app.

At this juncture, the Getir investment looks like a cautionary tale for Mubadala. The Uber acquisition concludes the Abu Dhabi fund’s turbulent foray into a market where the UAE has made big pledges to invest. The question now is whether Uber can succeed where others stumbled — and whether Turkey’s delivery market can deliver sustainable returns.

Know more: Uber is also expanding its Middle East footprint beyond delivery. On Feb. 6, it announced a major expansion of its partnership with Chinese autonomous driving firm WeRide, aiming to deploy at least 1,200 robotaxis across Abu Dhabi, Dubai and Riyadh by 2027.