What is going on between Nazım Salur and Mubadala?

After an investment of 250 million dollars Can‘s management and majority stake in the online grocery and food delivery service business in Turkey. Mubadala Investment CompanyWe informed you in June that it moved to we had transferred. In September, the Competition Authority ordered the sole control of Getir to be taken over by Mubadala. approved. Although the Competition Authority approved the acquisition, the problem between the two companies came to light with the post made by Getir founder Nazım Salur.

Salur made a sharing and that Mubadala ignored the agreement they made to divide Getir into two and that they to your rights collapse He stated that he wanted to. Stating that they have started the legal process, Salur also stated that they will make a more detailed statement in the future. Salur’s post caused more reactions than support. The main reason for these reactions is the allegations that Getir violates the rights of its employees. So what has happened in Getir so far? Let’s go to the beginning of the story.

Appearing as an innovative solution to the sector in 2013, BiTax We will tell you in full detail that the journey that started with has evolved into Getir over time. we had transferred. The initiative, which grew rapidly with investments after its establishment, created Getir, but did not include the investors of that period in Getir. At that time, Nazım Salur’s idea of ​​bringing grocery orders home with BiTaksi developed internally and reached a billion dollar valuation, and his investor’s share was only Purchased to Getir BV for 4.68 million dollars took it. Nazım Salur, who had disagreements with BiTaksi investors in those days, came to the point of being sued by Mubadala today.

Uncontrolled growth brought collapse

Getir, which entered a rapid growth process with the pandemic, with the investment it received in 2021 became a unicorn. After becoming a unicorn, the company accelerated its international operations and began to grow uncontrollably.

From a valuation of $11.8 billion 768 million dollars investment Decreased demand after the pandemic caused the collapse of Getir, which was preparing for a public offering. The decrease in demand led to the closure of foreign operations over time. The valuation of Getir, which was once a decacorn and was valued at up to $11.8 billion, dropped to a valuation of $2.5 billion in the last investment round. Let us also remind you that the total investment Getir has received to date is approximately 2 billion dollars. It’s a pretty big problem that the company’s valuation is almost as much as the total investment it received. We have no doubt that if the founders of Getir, which has received a total investment of nearly 2 billion dollars, offend its investors, it will shake the trust not only in themselves but also in the startup ecosystem in our country.

It narrowly escaped bankruptcy with the $250 million investment it received last June and paid employee salaries and debts to suppliers. Management in Getir passed to Mubadala. The interesting detail here was hidden in the shared content. While n11, BiTaksi, GetirAraç, Getirİş and FreshDirect remain under the management of Nazım Salur, 40 percent of GetirFinans belongs to the founders of Getir, 32 percent belongs to Mubadala and other investors in the new investment round, and 20 percent belongs to the investment of İş Bankası. The fund remained in Maxis and 8 percent in Crankstart. When we look at Salur’s post, we can say that we are faced with a stance that claims that investors have no rights in GetirFinans, which emerged from Getir, just like Getir emerged from BiTaksi.

Crash? Trade dispute?

Other products are separate but GetirFinans The company, which has done a great job in open banking with Getir customers, provides intermediary services such as collecting deposits, issuing credit cards and offering loans. It seems that the fact that the majority of the rapidly growing service with Getir customers in Turkey is owned by Getir founders is the basis of the problem. The process that Nazım Salur calls collapse is actually a double-ended commercial problem. It seems that the court will decide how to solve the problem. It would not be wrong to say that BRSA will follow the process on the issue closely. The worst-case scenario of the process is the option of license cancellation and the agreement not being realized, along with the trust problem.

We have told you above that the post made by Nazım Salur attracted more reactions than support. A large group, including Getir employees, who thought their rights had been violated, turned the target towards themselves after Nazım Salur targeted Mubadala.

Accusations against Nazım Salur

The answers in the same language to Nazım Salur, who raised the issue of a court case regarding his own rights, are quite remarkable. Many accusations, including the usurpation of employees’ rights, reveal how the process has changed. Getir Founders have been having problems for a long time, not only with their investors but also with their employees. The reactions to people’s posts show the magnitude of the incident. There are also many share sales and collusion points that go further regarding the accusations, but which we have not included because they have not been proven yet.

What will happen?

Mubadala also shared a statement after Nazım Salur’s post. In the statement, it was stated that an alternative plan would be put into action due to the deficiency in fulfilling the requirements of the agreement made in June.

channels, BloombergIn his statements to , he stated that Mubadala convened the 9-person board of directors of the umbrella company called Getir NV, based in the Netherlands, without notification, and changed the decision to split with only 2 independent board members, leaving out 7 board members. According to the information shared by Salur, the extraordinary general assembly meeting to be held on Sunday, January 19, attended by privileged shareholders, will be decisive in approving or rejecting the validity of this decision.

Stating that the work is not over with either kind of decision, Salur also stated that they are at the beginning of a process that will last a long time unless there is an agreement between them to get their rights.

In short, at this point today, all eyes are on January 19. Mubadala says that it will protect 18 thousand employees with the extraordinary general assembly and continue Getir’s long-term business plan. We will continue to inform you of developments on the subject.