Trendyol, one of Turkey’s largest e-commerce platforms, is considering raising about $1 billion to support its growth. The company is in preliminary discussions with potential investors for a future investment round, Bloomberg News reported, citing sources familiar with the matter.
The round is reportedly set to begin in the second quarter of 2024. However, the talks are currently at an early stage and it is not yet known whether a final decision will be made. Alibaba Group Holding Ltd., a major shareholder of Trendyol, and the company declined to comment on the matter.
Trendyol raised $1.5 billion in a 2021 round led by SoftBank Group Corp., General Atlantic, Middle Eastern sovereign wealth funds and Princeville Capital, and was valued at $16.5 billion at the time.
Founded in 2010 by Demet Mutlu, Trendyol has become Turkey’s largest e-commerce platform. The company has expanded into several international markets, including the Middle East, and according to Alibaba’s annual report, orders grew by more than 20% in fiscal 2024. Trendyol is part of Alibaba’s International Digital Commerce Group and operates alongside platforms such as AliExpress, Lazada, Daraz and Miravia.
Alibaba recently appointed executive Jiang Fan to oversee its e-commerce operations after weaker-than-expected results in its core business in China.
