Turkey's first decacorn: Trendyol raises $1.5B at a $16.5B

Turkey’s first decacorn: Trendyol raises $1.5B at a $16.5B Valuation

Turkey's first decacorn: Trendyol raises $1.5B at a $16.5B

Trendyol is an ecommerce platform that’s based in Turkey. It has raised $1.5 Billion in a large funding round. The company now stands at $16.5 Billion. The round was led by General Atlantic, SoftBank Vision Fund 2 Princeville Capital, sovereign wealth funds ADQ (UAE), and Qatar Investment Authority. __S.3__

This deal is SoftBank’s debut in India.

Trendyol Turkey is now the first decacorn and one of Europe’s most valuable private tech companies. This comes months after Alibaba, a strategic and major backer of the company invested $350m in it at a valuation of $9.4billion.

Trendyol was founded in 2010 and is Turkey’s biggest e-commerce firm. It delivers more than 1,000,000 packages each day, serves more than 30 million customers. The company claims it has evolved from a marketplace to a “superapp”, combining its marketplace platform, which is powered by Trendyol Express (its own last-mile delivery service), with food and grocery delivery via its courier network (Trendyol Express), digital wallet (Trendyol Pay), Dolap consumer-to-consumer channel and other services.

Demet Suzan Mutlu, founder of Trendyol said that the capital would be used to expand within Turkey as well as globally. The company will continue to invest in technology, logistics, and infrastructure throughout Turkey. It also plans on accelerating the digitalization of Turkish SME’s. She stated that the company was established to make a positive difference and will continue to do so.

Evren Ucok, Trendyol’s chairman, added that part of the company’s goal is to create new export channels for Turkish merchants and manufacturers.

Melis Kahya Akar, managing director and head of consumer for EMEA at General Atlantic, said that Trendyol’s marketplace model — ranging from grocery delivery to mobile wallets — “brings convenience and ease to consumers” in Turkey and internationally.

Kahya Akar, General Atlantic, wrote via email that Turkey is one of most rapidly growing countries in the world. “Turkey has a youthful population and is active online. We expect the already substantial e-commerce market of $17 billion by 2020 to continue growing on the backs of increasing online penetration. Trendyol’s position is ideal to serve the growing needs of customers in Turkey as well as around the globe.

JPMorgan’s 2020 Report found that while ecommerce was only 5.3% of Turkey’s retail market, it had seen impressive rises in revenue in the past years. The market jumped by 42% in 2018, and 31% by 2019. 67% of Turkey’s population made online purchases by 2020.

Publited at Mon, 9 Aug 2021 16:28:32 +0000

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