Uber just made its biggest bet on Turkey's delivery market, snapping up the delivery business of once-$12 billion startup Getir for $435 million total. The deal marks a dramatic comedown for Getir, which raised $2.4 billion before retreating from the U.S. and Europe after the pandemic boom faded. Uber's buying the assets from Emirati sovereign wealth fund Mubadala, which has been trying to exit its position since last year.
Uber is doubling down on Turkey with a $435 million acquisition that rescues what's left of Getir, the once-celebrated instant delivery startup that became a pandemic darling before spectacularly imploding. The ride-hailing giant announced Monday it's buying Getir's food delivery operations outright for $335 million, while taking a 15% stake in the grocery and retail business for another $100 million.
The deal represents a dramatic exit for Getir's biggest investor, Emirati sovereign wealth fund Mubadala, which has been reportedly shopping its stake since last year. "This transaction reflects the strength of the business and the progress it has made, particularly over the last year," Waleed Al Mokarrab Al Muhairi, deputy group CEO at Mubadala, said in a statement. But the numbers tell a different story - Getir's group assets were valued at just $374 million in court documents filed last year, a stunning drop from its $12 billion peak valuation.
Getir's collapse serves as a cautionary tale about pandemic-era overexpansion. The Istanbul-based company launched in 2015 with a promise of ultra-fast grocery delivery, and the model caught fire during COVID lockdowns. Flush with venture capital, Getir aggressively expanded into the U.S. and Europe through both organic growth and multiple acquisitions, racing to capture market share while investor appetite for delivery startups peaked.
But when lockdowns ended and consumers returned to physical stores, the economics crumbled. Getir pulled out of the U.S., U.K., and Europe in 2024, laying off thousands and retreating to its home Turkish market. The company had raised $2.4 billion total, according to PitchBook, making the writedown particularly painful for investors.
The retreat triggered a messy power struggle between Mubadala and one of Getir's co-founders nearly a year ago. The founder sued to block what he called an "illegal coup" over Mubadala's restructuring proposal, but a Dutch court sided with the investment firm and rejected the appeals.
For Uber, the deal is about consolidation and scale in a market where it's already committed. The company paid $700 million last May to acquire Trendyol Go, another Turkish food and grocery delivery service. Uber said it will merge Getir's operations with Trendyol Go to create a dominant player in Turkey's delivery ecosystem.
The timing aligns with Uber's broader delivery momentum. The company's delivery division posted $4.89 billion in Q4 revenue, up 30% year-over-year, with Europe, Middle East, and Asia emerging as the fastest-growing regions. Getir's food delivery business alone generated more than $1 billion in gross bookings in 2025, growing 50% annually despite the company's broader struggles.
That growth trajectory explains why Uber is willing to pay a premium for assets that were recently valued far lower. The company is betting it can extract value by integrating Getir's logistics network and customer base into its existing Turkish operations, leveraging economies of scale that the standalone startup couldn't achieve.
The deal also highlights how quickly fortunes can shift in the delivery space. Just a few years ago, Getir was expanding globally and raising money at sky-high valuations. Now it's being carved up and sold to a competitor at a fraction of its former worth. Other instant delivery players like Gopuff in the U.S. and Germany's Gorillas have faced similar reckonings as the post-pandemic reality set in.
Uber's strategy contrasts with pure-play delivery startups by offering multiple services - rides, food delivery, grocery, and even freight - through a single platform. That diversification provides cushion when one vertical underperforms and creates cross-selling opportunities that standalone players lack.
The acquisition still needs regulatory approval, but Uber said it plans to complete the full buyout of Getir's grocery division "over the next few years," suggesting it views the Turkish market as a long-term growth opportunity rather than a quick flip. The structure gives Uber immediate control of the higher-margin food delivery operations while taking an option on the grocery business as that market matures.
Uber's Getir acquisition signals the end of the instant delivery gold rush and the beginning of a consolidation phase where only the biggest players with diversified revenue streams survive. For Turkey, it means a more concentrated delivery market dominated by Uber's combined operations. For investors who poured billions into Getir's global ambitions, it's a harsh lesson in sustainable unit economics. The deal proves that in the delivery wars, scale and profitability ultimately beat speed and venture capital - and that even $12 billion valuations can evaporate when the fundamentals don't hold.
