(Bloomberg) -- The latest power struggle between the founders of Turkey’s fast grocery delivery startup Getir BV and its main investor Mubadala Investment Co. is set to come to a head this weekend in Amsterdam.

Most read from Bloomberg

Abu Dhabi's sovereign wealth fund said by email that it had reached a "new deal" with independent members of its board of directors for the Istanbul-based company. Mubadala said Getir's "founders have demonstrated their inability to complete" the company's restructuring deal agreed in June.

Shareholders will vote on the agreement at an extraordinary general meeting in Amsterdam on Sunday.

“We want them (Mubadala) to abide by the legally binding agreement from June,” Getir co-founder Nazim Salur said in an interview. “They now want to bring the founder Shareholding in Getir reduced to 0%.”

In a previous post on his X account, Tharoor said he was "taking legal action through the courts." He declined to elaborate in an interview on his legal approach.

Getir's other co-founders Serkan Borancili and Tuncay Tutek did not immediately respond to requests for comment.

Back in June, Abu Dhabi Fund acquired a controlling stake in Getir after leading a $250 million financing round. At that time, co-founders and investors agreed to split the roughly dozen services offered under the Getir app, and Salur resigned as CEO.

Getir's founding team has previously clashed with investors, primarily Mubadala, over the company's strategy and costs. Its valuation fell from a peak of $11.8 billion in 2022 to $2.5 billion in 2023.

Alpha Wave Global, Sequoia Capital, Tiger Global and Turkey's Revo Capital and Esas Holding were other investors in Getir's early funding round.

"This new deal will ensure Getir's financial stability and allow the execution of its long-term business plan, protecting and maintaining the employment of more than 18,000 Turkish employees," Mubadala said in a statement.

Founded in 2015, Getir became a pandemic success story by offering ultra-fast grocery delivery (usually within 10 minutes) via bicycle and motorcycle couriers. However, Getir subsequently ran into cash burn and exited key markets including the UK, Germany, the Netherlands and the US. The company is refocusing on its home market of Türkiye, where financial performance has been stronger.

The story continues