Uber has made a significant move to expand its presence in Turkey by acquiring an 85% controlling stake in Trendyol Go, a leading online meal and grocery delivery business based in Istanbul, for approximately $700 million in cash.

The acquisition gives Uber instant market share for Uber Eats in Turkey, where the company currently only operates a ride-hail service. This strategic move comes at a critical time, as Uber is set to report its first-quarter earnings tomorrow and faces growing concerns about consumer spending in 2025 due to President Trump's tariffs.

Uber's expansion into Turkey's food delivery market is a significant development, especially given the company's recent withdrawal from its $950 million bid for Delivery Hero's Foodpanda business in Taiwan. The acquisition of Trendyol Go demonstrates Uber's commitment to growing its global footprint and diversifying its revenue streams.

Trendyol Go, the food delivery arm of parent company Trendyol Group, has achieved impressive growth, delivering over 200 million orders in 2024 and generating $2 billion in gross bookings, a 50% increase from the previous year. The company's marketplace boasts an impressive 90,000 restaurants and 19,000 couriers.

The acquisition is expected to close in the second half of 2025, after which users will be able to continue using the Trendyol Go app, with Uber introducing key capabilities from Uber Eats over the coming years. While Uber has not provided further details on the acquisition, the company's expansion into Turkey's food delivery market is likely to have significant implications for the industry.

Uber's move into Turkey also comes as the company faces intense competition in its home market, the U.S., where it is struggling to gain market share against rival DoorDash. In February, Uber filed a lawsuit against DoorDash, alleging anticompetitive behavior, which DoorDash has urged the courts to dismiss.

In a surprising turn of events, DoorDash announced two major acquisitions earlier today, expanding its presence in Europe with the purchase of the U.K.'s Deliveroo for $3.86 billion and SevenRooms for $1.2 billion. The acquisition spree highlights the intense competition in the food delivery market, with companies like Uber and DoorDash vying for dominance globally.

As Uber continues to expand its global footprint, the company's latest acquisition in Turkey is likely to have significant implications for the industry. With its sights set on growth and diversification, Uber is poised to become an even more formidable player in the global food delivery market.