Turkish quick commerce company Getir finds itself on the wrong side of Western sanctions against Russia as oligarch and Putin ally Vladimir Potanin is an investor in the company.
A former deputy prime minister and chairman of one of the world’s largest metal producers (Norilsk Nickel), Potanin is one of Russia’s richest men, with an estimated fortune of some twenty billion euros. At the same time, he is also one of Russia’s infamous billionaires, who are suspected of supporting President Putin.
That is a problem for Turkish flash delivery company Getir, because Potanin is one of its investors: in a capital round last year, Russian investment fund Winter Capital took a stake in the Turkish company. A major investor in Winter Capital is Interros, an investment fund founded and led by Potanin.
Although the link between Interros and Winter Capital was suddenly erased from the profile of the Russian-British Chamber of Commerce (RBCC) this week, the presence of Potanin may now be an embarrassment to Getir. The company has told magazine Sifted that it will reconsider ties with the Russian, if he – like other Russian oligarchs – is sanctioned by the West.
Without him, if necessary
“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”, Sifted quotes Getir’s response. Moreover, Getir says it has already sent five truckloads of essential goods to Ukraine in support of its suffering population.
Until now, start-ups and investment funds have not really looked closely into their possible links with Russia, but Getir was already the target of a consumer campaign in Berlin. Flyers last week called for a boycott of the company, precisely because of its link with Potanin.
If Getir really had to break with the investor, it would lose not only a wealthy shareholder but also future growth money: Winter Capital also showed interest in investing again in the next capital round.