Turkey's Trendyol in talks to raise $2 billion investment - sources

FILE PHOTO: The logo of Turkey's leading fashion e-commerce company Trendyol is pictured at the entrance of the company's headquarters in Istanbul, Turkey, June 22, 2016. REUTERS/Murad Sezer

ISTANBUL (Reuters) - Turkish e-commerce firm Trendyol, backed by Chinese internet giant Alibaba, is in discussions to raise $2 billion from investors, two sources with direct knowledge of the matter told Reuters.

Trendyol, one of Turkey's best known e-commerce platforms, has drawn backing from foreign investors and holds a leading position in Turkey's fragmented e-commerce market.

"Trendyol is in discussions to raise $2 billion from global investors," said one of the sources, speaking on condition of anonymity.

SoftBank and private equity firm General Atlantic were involved in the talks for the investment, three sources said.

Trendyol was not available for comment. SoftBank and General Atlantic declined to comment.

The company, which is expected to achieve $10 billion gross merchandise value (GMV) this year, was advised by Citi, the source said, adding that the fundraising is expected to close by the end of this month.

Citi declined to comment.

"The fundraise is expected to close in June and aims to diversify the shareholding base prior to the company's planned IPO in 2023," the source said.

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.

(Additional reporting by Can Sezer; Writing by Ezgi Erkoyun; Editing by Dominic Evans and Richard Pullin)

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights


Next In Tech News

Joker malware infects 11 Play Store apps using new tricks; your Android smartphone under threat
Mark Zuckerberg shades Jeff Bezos’ space flight with stealthy Instagram ‘like’
Pregnant person among new gender-neutral emoji proposed for launch
This tiny wristband measures your blood pressure without you noticing
Robinhood CEO says he is considering offering U.S. retirement accounts
'Ears and Burgers': Feed hungry, hungry rabbits on your phone
How sharing photos of kids unintentionally helps paedophile platforms
‘Oof,’ ‘yeet,’ ‘deplatform,’ among Dictionary.com’s newest words
VW to take on Tesla and Google with new software division
Zoom releases ‘apps and events’ features in major update

Stories You'll Enjoy