Turkish e-commerce platform Trendyol in talks to raise $2bn investment

By bne IntelIiNews June 16, 2021

Turkish e-commerce marketplace Trendyol, backed by Chinese internet giant Alibaba, is reportedly in discussions to raise $2bn from investors.

Trendyol is the largest e-commerce platform in Turkey. It has registered growth of around 20-fold in gross merchandise volume in the last three years, taking the volume to $10bn this year.

“Trendyol is in discussions to raise $2bn from global investors,” a source with knowledge of the matter told Reuters

SoftBank and private equity firm General Atlantic were involved in the talks for the investment, the news agency also reported the person and other sources as saying. 

The company was advised by Citi, the first source said, adding that the fundraising was expected to close by the end of this month.

“The fundraise is expected to close in June and aims to diversify the shareholding base prior to the company’s planned IPO in 2023,” they were also quoted as saying.

In April, Alibaba, which bought a majority stake in Trendyol in 2018, increased its stake to 86.5% in a capital increase, according to the country’s trade registry.

Related Articles

Erdogan's day in Rome. He came, he saw, he wagged his finger

Turkey’s president, Recep Tayyip Erdogan, on April 29 paid a one-day visit to Rome to attend the fourth ... more

Turkey’s foreign minister meets with UK and German counterparts in Brussels after visiting France and US

Turkey’s foreign minister Hakan Fidan attended the Nato foreign ministers ... more

Turkey ups steel exports 28% in 2024 driven by EU shipments, US takes just small percentage

Turkey upped its steel exports by 27.6% y/y in 2024 to 13.4mn tonnes, according to the Turkish Steel Association (TCUD). Growth was driven by shipments to the European Union (5.9mn tonnes, up ... more

Dismiss