Turkish Delivery Startup Founders Launch $700 Million Lawsuit Against Abu Dhabi Investor
In a significant escalation of an ongoing dispute, the co-founders of Turkish food and grocery delivery startup Getir have filed a massive $700 million lawsuit against Abu Dhabi's Mubadala Investment Company. Nazım Salur and Serkan Borançılı allege that the sovereign wealth fund breached a 2024 restructuring agreement by withholding key assets promised to them.
Legal Battle Intensifies in London High Court
The claim, lodged in London's High Court, marks a dramatic turn in one of the delivery sector's most closely watched legal conflicts. This legal action comes just days after Mubadala agreed to sell Getir's core food delivery business in Türkiye to Uber Technologies for approximately $335 million, highlighting the severe deterioration in relations between the Turkish firm's founders and its Emirati backer.
Details of the 2024 Restructuring Deal
The lawsuit centers on a June 2024 restructuring agreement, under which Mubadala, having taken majority control of Getir's Turkish operations, agreed to transfer a specific bundle of assets to the founders as part of the company's reorganization. These included international units and, critically, Getir Finance, a technology-driven finance platform valued at around $510 million last year.
However, Salur and Borançılı argue that only the least profitable elements, such as FreshDirect, a grocery delivery business based in New York, and n11, an online commerce platform, were ever handed over to them. Valuable and strategic assets like Getir Finance were never transferred as promised. The lawsuit claims that Mubadala and its associated entities conspired to breach the terms, leaving the founders with significantly diminished control and value.
Lawyers for the founders have stated that the original agreement envisioned a clean separation and control over the profitable technology and international arms of Getir. They contend that the final offer presented in December 2024 deviated considerably from those terms and was highly disadvantageous for Salur and Borançılı. Mubadala has not yet filed a defence in the case.
Getir's Journey: From Pandemic Surge to Post-Pandemic Struggles
Understanding this legal clash requires context about Getir's meteoric rise and recent challenges. Founded in Istanbul in 2015, Getir became one of the earliest players in the quick commerce delivery arena, offering ultra-fast grocery and food deliveries via on-demand app order fulfilment. Its valuation soared to nearly $12 billion in 2022.
However, like many pandemic-era innovators, the company faced a downturn once demand normalised and investors cooled off on high-growth tech valuations. It subsequently scaled back operations outside Türkiye and Europe and restructured with Mubadala's backing, culminating in a major organisational split that was supposed to reset its business for long-term sustainability.
In recent months, Getir has been the subject of several major investor moves, including the sale of its Turkish delivery business to Uber. This deal further underscored Mubadala's shift in strategy and arguably heightened the founders' dissatisfaction with how the overall plan was unfolding.
Why This $700 Million Lawsuit Matters Now
The $700 million lawsuit is significant for several reasons:
- Billion-Dollar Tech Dispute: It pits startup founders against a major sovereign wealth fund in one of the largest legal disputes involving a post-pandemic delivery platform, underlining the complex dynamics of founder-investor relationships when rapid scale meets long-term strategy disagreements.
- Control of High-Value Assets: At the core of the legal fight is control over Getir's technology and future revenue streams, particularly Getir Finance. If the founders succeed, it could mean reclaiming those assets or securing huge compensation, a major victory in a case where the value of what was promised dwarfs what was delivered.
- Broader Market Implications: This lawsuit comes at a time when delivery and logistics companies globally are reassessing profitability and strategic direction post-Covid, with firms consolidating, pivoting or exiting markets altogether. A ruling in London could reverberate across venture capital, startup governance and cross-border investment norms.
Uber Deal Adds Fuel to the Fire
The legal timing is crucial. Just last week, Uber confirmed a deal to acquire Getir's food delivery operations in Türkiye from Mubadala for roughly $335 million. This move not only consolidates Uber's presence in a key market but also leaves open questions about how remaining parts of Getir will be managed and monetised.
That sale has seemingly intensified the founders' frustration with Mubadala's stewardship. Salur and Borançılı argue that the restructuring deal's spirit was not honoured, especially as strategic parts of the business changed hands. Their decision to litigate this now signals they believe they have a strong case and significant leverage, even as their company's valuation and operational footprint have shrunk from its pandemic highs.
What Happens Next in This High-Stakes Legal Battle?
The case, being heard in London's High Court, will unfold over months, and possibly years, as legal teams from both sides present evidence about contractual obligations, alleged breaches and the precise nature of the asset transfers. Mubadala's response, which has not yet been filed, will be critical in shaping the next chapter.
Investors, entrepreneurs and analysts will watch closely, as the outcome could influence how future startups negotiate restructuring deals with deep-pocketed strategic investors, particularly sovereign wealth funds whose incentives sometimes diverge from founders' visions.
Founders Nazım Salur and Serkan Borançılı have sued Mubadala Investment Company for at least $700 million, claiming promised assets were withheld during a 2024 restructuring. The dispute centres on alleged breaches of a restructuring agreement involving valuable units like Getir Finance, while only less profitable entities were transferred. The lawsuit follows Uber's acquisition of Getir's Turkish delivery operations for about $335 million, a move that has intensified tensions. The legal battle highlights deep issues between startup founders and large strategic investors, with implications for future break-up and restructuring deals in the global tech industry.
