Getir Rushes to Finalize Major Funding Round Amid Solvency Rumors

The company, based in Turkey, is working with investors, including Mubadala, the Abu Dhabi sovereign wealth fund, to announce the funding round by the end of the month.

Although the capital injection is expected to be smaller than the previously reported $500m, it will aim to dispel the rumors of Getir's insolvency.

The grocery delivery sector has faced challenging dynamics in recent years, with a downturn in the technology sector and pressure on the sector as a whole.

Getir itself has pulled out of France and Spain, and it was reported to be closing some of its UK warehouses and laying off staff.

In December, it completed a cash-and-stock takeover of rival Gorillas, which valued the company at $1.2bn.

Getir's funding round comes amid rumors that it may be about to put its British operation into administration and that it is about to pull out of the country, which people close to the company denied on Friday.

The company's other major investors are also expected to participate in the latest funding round.

While the valuation of the new equity was unclear on Friday, a spokesman for Getir denied reports in April that it was $6.5bn, little more than half its previous valuation.

A spokesperson for Mubadala said that the company has been an investor in Getir since 2021 and is currently in advanced discussions to lead its latest funding round.

They continue to work closely with Getir to support its growth in the years ahead.

Despite the challenges facing the grocery delivery sector, Getir remains committed to its operations in Britain and is working to secure its future in the country.