Getir, the grocery delivery app which is one of the biggest operators in Britain, is racing to finalise a major fundraising that it hopes will dispel intensifying rumours about its solvency.
Sky News has learnt that Getir, which is based in Turkey, is working with investors to announce a funding round by the end of the month.
The capital injection will be led by Mubadala, the Abu Dhabi sovereign wealth fund, although it is expected to involve a smaller sum than the $500m (£382m) reported several months ago.
Getir’s efforts to complete the fundraising come amid rumours that the company may be about to put its British operation into administration and that it is about to pull out of the country – both of which people close to it denied on Friday.
The grocery delivery sector has suffered from acutely difficult dynamics in recent years, coupled with deteriorating sentiment towards the technology sector.
Getir itself has pulled out of France and Spain, while in recent days it was reported to be closing some of its UK warehouses and axing staff.
In December, it concluded a cash-and-stock takeover of Gorillas which valued its rival at $1.2bn (£915m).
Getir’s other major investors are also thought to be participating in the latest funding round.
The valuation at which it is raising the new equity was unclear on Friday, although a spokesman denied reports in April that it was $6.5bn (£5bn) – little more than half its previous valuation.
A Getir spokesman said: “There are many incorrect claims being shared about Getir.
“We are currently finalizing an investment round.
“Claims that Getir will file for insolvency are incorrect.
“If we exit any market, we will do so in an orderly manner.”
A spokesperson 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 continue to work closely with Getir in support of its growth in the years ahead.”
