Turkish rent-a-car app Yolcu360 has expanded its turnover by 10,632% in the past four years, the Deloitte Technology Fast 50 Turkey 2020 ranking showed on February 17. Next best for increased turnover was seven year-old virtual studio developer Zero Density with 3,404%.
Deloitte has compiled the ranking since 2006.
Online streaming platform BluTV, launched in Turkey in 2016 and then in the Middle East and North Africa (MENA) market two years later, ranked third in the ranking, clocking 3,277% in turnover growth. The company recently attracted investment from Discovery.
Finartz, established in 2016 at Yildiz Technical University Technopark in Istanbul, was the top fintech, recording 2,478% in revenue growth, followed by local Islamic lender Kuveyt Turk’s banking app developer Architecht with 1,717%.
Mobile app developer Pixery increased its turnover 1,522% while payment services provider PayTR retained its position in the 2020 ranking with 1,437% in revenue growth. In Deloitte’s Fast 500 EMEA (Europe, Middle East and Africa) 2019 list, Pixery ranked 191st with 730% growth. In the Deloitte Technology Fast 500 EMEA 2018, the company ranked 27th with 3,238%. In the EMEA 2019 ranking, PayTR ranked 368th with 301% growth.
Digital security systems developer Procenne posted 1,182% turnover growth across four years from 2017 to 2020, followed by hotel marketplace Otelz.com with 1,138% and bus ticketing app Obilet with 1,004%.
Otelz.com ranked 177th with a 797% growth rate in the EMEA 2019 list and 165th in 2018. The company, established in 2013, has raised $6.3mn in funding so far.
In January, Obilet was ranked 39th in the Union of Chambers and Commodity Exchanges of Turkey (TOBB) Fastest Growing Turkish Companies ranking, with its revenues in the range of TRY5-20mn.
Obilet was ranked 405th in the Deloitte Technology Fast 500 EMEA 2019 ranking with 240% turnover growth in 2018.
In 2019, the European Bank for Reconstruction and Development (EBRD) provided $4mn in equity financing to Obilet.
The company is a market leader in Turkey in the B2B and B2C segments, with around 200 bus firms in its network, a monthly 15mn visitors and 5mn app downloads.
Companies which saw revenues higher than €50mn in the 2019 financial year were ranked in the Big Stars category.
Aselsan and Logo also received Big Stars Award in the 2019 ranking but Kron Telekom fell out of the ranking in 2020 after receiving the Big Stars Award in the previous two years.
Kron’s revenues declined to TRY53mn in 2020 from TRY56mn in 2019.
Aselsan, Turkey’s leading defence company, which has been among the top 100 global defence companies for the past 13 years, provides the Turkish armed forces and 63 export destinations with high-tech warfare communication systems.
Aselsan’s revenues were up 10% y/y to TRY8bn in January-September (see chart below). The company will on February 23 release its 2020 financials.
Business software developer Logo, established in 1984, became the first software company to go public in Turkey in 2000. It has a 66% free-float rate.
At end-2019, Norway’s wealth fund held 0.72% of Logo.
The company reported a 29% y/y rise in its 2020 revenues to TRY545mn.
Telco equipment maker Karel, established in 1986 and listed in 2006, is among the top three PBX (private branch exchange) producers in Europe.
Innova, established in 1999, exports products and services to 37 different countries. It groups fintech brand PayFlex, the SkywaveloT brand in the Internet of Things (IoT) category, Lega in accounting, HICAMP in health-tech and AvioFlex in aviation.
Business software developer ARD Bilisim (ARDYZ), which went public in January 2020, remains among the top 50. It reported 121% y/y growth in 2020 revenues to TRY125mn. The company was 298th in the 2018 EMEA ranking.
Turkcell’s (TCELL) Paycell, one of 22 authorised electronic money institutions in Turkey, increased the number of its users to 4.6mn at end-September from 4.5mn at end-2019. Revenues rose to TRY205mn in January-September last year after rising 35% y/y to TRY252mn in 2019.
Paycell was ranked 396th with revenue growth of 259% in Deloitte’s Technology Fast 500 EMEA 2019 survey.
Paycell is also active in Ukraine.
Turkcell is to release its 2020 financials on February 19.
Also present in the 2020 ranking is payment services provider Birlesik Odeme, established in 2010. The company, among 22 authorised electronic money institutions in Turkey, recently attracted investment from Oyak Holding.
Akbank’s (AKBNK) pay-tech Akode has received the Facebook Women in Tech award thanks to its general manager Sitare Sezgin. Akode has a banking app named Tosla.
Others to watch
Mobile app developer Teknasyon, established in 2013, received the Facebook Cross Border Award for the second year running. It reached 1.5bn people across the globe.
The Cross Border Award was launched last year for companies that export more than 50% of their sales.
Prop-tech Apsiyon retained its place in the 2020 top 50 ranking. The company also placed 85th in TOBB’s ranking this year. Its revenues were in the range of TRY5-20mn in 2018.
Excursion ticketing company Biletall, launched in 2006, retained its position in the 2020 ranking. The company ranked 415th with a 231% growth rate in the EMEA 2019 list and 290th in 2018.
Digital commerce software developer Inveon, launched in 2006, merited a present in the ranking for the fourth consecutive year. Inveon’s platforms are used by more than 40mn shoppers in 14 countries.
Other companies in Deloitte’s Turkey 2020 ranking:
Software developer Agito,
Shopping platform Akakce,
Anova (483rd in the 2019 EMEA ranking with 172% growth and 357th in 2018),
Business software developer Crs Soft (also present in the 2019 ranking),
Enqura (among top 10 in the 2019 Turkey ranking and 343rd in the EMEA ranking with 334% growth),
Fintech FBT (among the top 10 in the 2019 ranking and 100th in the EMEA ranking with 1,291% growth),
Travel company Hitit (also present in the 2019 ranking),
Infrasis (also present in the 2019 ranking),
Inomera (also present in the 2019 ranking),
Koalay (also present in the 2019 ranking),
Litum (also present in the 2019 ranking),
Mobven (407th in the 2019 EMEA ranking with 246% growth and 415th in the 2018 EMEA ranking),
Peakup (383rd in the 2018 EMEA ranking),
Prosense (also present in the 2019 ranking),
REM People (2nd in Turkey and 57th in the EMEA in 2019 with 2,003% growth),
Robotistan (366th in the 2018 EMEA ranking),
Seyir Mobil, Simsoft (478th in the 2019 EMEA ranking with 174% growth),
Teknofix (94th in the 2019 EMEA ranking with 1,449% growth and 7th in 2018 with 10,251%),
Testinium (also present in the 2019 ranking),
V-Count (482nd in the 2019 EMEA ranking with 173% growth and 394th in 2018).
For the first time this year, Deloitte has launched a category named the “Runner Ups List” for companies younger than four years-old.
Online supermarket Istegelsin placed top in the category with 4,921% in turnover growth, followed by biotech Bonegraft with 2,114%, Chomar Antivirus (946%), Netsys (744%) and Twin Science (420%).
The companies in the main category will also compete in the Deloitte Technology Fast 500 EMEA 2020 programme.
Other Turkish companies in the Fast 500 EMEA 2019: Bulutistan (20th with 5,085% growth, 1st in Turkey), EMFA (212th, 679%), Iyzico (213th, 678%), ISSD (351st, 321%), ETA Elektronik Tasarim (452nd, 195%), Hype (471st, 182%).
EMFA Software & Consultancy ranked second in the Deloitte Technology Fast 500 EMEA 2018 with 19,381% in turnover growth across 2014-2017. Iyzico was 15th with 5,231%.
Also on the list were software company Usishi (72nd), Hype (90th), Armut (167th), ETA (256th), Turkcell Payment (294th), Trio Mobil (308th), Sistem 9 (364th), RND (381st), Cardtek (433rd), APLUS Enerji (453rd) and RKSOFT (485th).
In 2019, Ankaref, Barikat, Hediyesepeti, Logsign, PayCore, Tekna and T-Soft were the other companies named in the top 50.
|Major Tech Deals in Turkey|
|Feb-21||Malwation||-||-||Alesta, Sertac Ozinal||Fundraising|
|Feb-21||Legna Medikal||-||-||Semih Kocak||Fundraising|
|Feb-21||MTS Teknoloji (PayCore)||100%||-||Mediterra/Netherlands||Sancak|
|Feb-21||Birlesik Odeme||-||-||Oyak Portfoy||-|
|Dec-20||Sigorta Cini||full||-||Buba Ventures||NN/Netherlands|
|Dec-20||Onnect (Bigger Games)||full||$6mn+$1mn||Rollic (Zynga/US)||CHEF/Turkey|
|Nov-20||Fujitsu Turkey||full||-||Hitay Holding||Fujitsu|
|Sep-20||Axell Studio||-||$0.4mn||Destex, Rasyonel||-|
|Sep-20||Bakiyem||-||-||Alesta, Sertac Ozinal||Fundraising|
|Aug-20||Mobilexpress||-||$2mn||Collective Spark||Series A financing round|
|Jul-20||Atar Labs||-||-||Micro Focus/UK||-|
|Jul-20||Insider||-||$32mn||Sequoia, Riverwood, Endeavor, Wamda||Fundraising|
|Feb-20||n11||mandate||-||Citi, BoA||SK, Dogus|
|May-19||Parasut||-||-||Turkven, Early Bird||Revo, Ribbit|