- 17 March 2022
- Transport / Logistics Services
One of ultra-fast delivery company Getir’s major investors is a Russian oligarch and the company may have to cut ties with him.
The Turkey based delivery company, that runs operations in the UK and much of Europe, is financed in a large part by Russian billionaire Vladimir Potanin. He is a former deputy prime minister and is chairman of one of the largest Russian nickel producing companies.
Potanin is a major investor in investment fund Interros. This in turn is a player in Winter Capital that took a stake in Getir in the last funding round.
Getir has stated that should Potanin be target of sanctions by the West it will cut ties with him. “If any sanctions are imposed involving Winter Capital we will do the necessary adjustments. In the meanwhile our legal teams are evaluating the matter and we will act in the appropriate manner”, it said in a press release. At the same time, Getir noted that it had sent five truckloads of aid to Ukraine.
Getir has taken this position after a campaign to boycott the company in Berlin over its Russian money. The move could be painful for the firm as not only is it losing an investor, but one that has already indicated he will invest in future growth in the company.
Getir is one of many large scale delivery companies in this sector that is dependent on cashflow injections in order to operate. This story is indicative as to how fragile the situation is – should the public take a stance on one particular investment income stream in any fast-delivery company, funds could dry up quickly. None have yet to make a profit or break even so income from operations is not a way forward!