Turkish rapid groceries delivery company Getir eyes 75% stake in car rental app player MOOV

Turkish rapid groceries delivery company Getir eyes 75% stake in car rental app player MOOV
By bne IntelIiNews August 22, 2021

Turkey’s rapid groceries delivery company Getir has signed a non-binding agreement to buy 75% of Turkish hourly car rental app business MOOV, owned by Anadolu Group.

Anadolu said in a filing with Borsa Istanbul that following the signing of the deal, it will apply for the required approvals. They include a pre-application to state authorities.

“The transfer price for the 75% of the shares of MOOV will be determined by on top of $16mn, adding/subtracting 75% of the amount to be calculated by netting assets related with the vehicles and liabilities in the balance sheet of MOOV on the closing date of the transaction,” Anadolu stated.

Anadolu, one of Turkey’s largest companies, is active in brewing (Anadolu Efes/AEFES), soft drinks (Coca Cola Icecek/CCOLA), retail (Migros/MGROS), automotive and agriculture and energy.

In February, all shares in Getir were transferred to Netherlands-based Getir B.V.

In September 2020, Getir B.V. acquired a 20% stake in Turkish taxi app BiTaksi. It currently controls 35.6% of the company.

Getir, launched in 2015, has recently been moving ahead with an aggressive expansion strategy to benefit from favourable conditions on the global groceries delivery market driven by the coronavirus (COVID-19) pandemic.

In 2021 so far, the company has launched services in London, Amsterdam, Berlin and Paris. It also acquired Spanish peer Blok ahead of expansions into Madrid, Barcelona and Milan.

Getir is additionally planning to go online in several cities in the US in Q4. Sao Paolo is scheduled for H2 2021. Mexico City is another target.

Getir currently operates in 30 Turkish cities, using around 500 warehouses.

In Turkey, Getir competes with Yildiz Holding’sistegelsin.com, Delivery Hero’s banabi and Migros’ Migros Sanal Market.

Ex-Google board member Michael Moritz has been an investor in Getir since 2020 and a co-founder of Russia's leading internet company Yandex, Arkady Volozh, has since 2016 also been among the Getir investors.

Related Articles

List of most profitable Uzbek banks unveiled

Uzbek media outlet Spot has compiled a list of Uzbekistan's domestic banks in terms of their profitability following the release of 3Q results. Its analysis showed that almost all of the financial ... more

Turkish agri-fintech Tarfin sells TRY50mn of 310-day bills

Tarfin, a digital platform that provides Turkish farmers with inputs and credits, has sold Turkish lira (TRY) 50mn ... more

Robo.cash sees loan volumes in Kazakhstan grow 29% q/q in Q3

European peer-to-peer lending platform Robo.cash has said that its Kazakhstan originator saw loan volumes grow 29% q/q in the third quarter of 2021, Peer2Peer Finance News ... more

Dismiss