Grocery delivery app Getir races to close funding amid industry correction Business News

Getir, one of the UK’s largest operators of grocery delivery apps, is racing to close a major funding round in hopes of dispelling rumors about its solvency.

Sky News has learned that Turkey-based Getir is working with investors to announce a funding round at the end of this month.

The capital injection will be led by Abu Dhabi sovereign wealth fund Mubadala, although it is expected to involve less than the $500m (£382m) reported a few months ago.

Getir’s efforts to close the financing come amid rumors that the company may be close to putting its UK operations into administration and pulling out of the country – both claims denied by people close to the company on Friday.

The grocery delivery industry has been facing extremely difficult conditions in recent years, compounded by deteriorating confidence in the technology sector.

Getir itself has pulled out of France and Spain, while reports have emerged in recent days that the company will close some UK warehouses and cut jobs.

In December, the company completed a cash-and-stock buyout of Gorillas, valuing the rival at $1.2bn (£915m).

Other major investors in Getir are also believed to have participated in the latest funding round.

The valuation at which the company raised new shares was unclear on Friday, although a spokesman dismissed a report in April that the new shares were valued at $6.5bn (£5bn) – just over half the previous valuation.

A Getir spokesman said: “There are many inaccurate claims about Getir.

“We are currently closing an investment round.

“The statement that Getir will file for bankruptcy is incorrect.

“If we exit any market, we will do so in an orderly manner.”

A spokesman for Mubadala said: “Mubadala has been an investor in Getir since 2021.

“We are currently in advanced discussions with Getir to lead their latest funding round, and we will continue to work closely with Getir to support its growth over the next few years.”

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