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
Most Read
-
Putin to skip Rio BRICS summit over ICC warrant as Xi signals no-show
13 days ago
-
Turkey yet to prove rare earth deposit has suggested “giant” potential despite reported processing talks with China
10 months ago
-
Uproar in Mongolia as development bank reveals scale of risky loans and NPLs
3 years ago