Turkish e-commerce platform Trendyol has become Turkey’s first Decacorn company after recent funding of $1.5bn lifted its valuation to $16.5bn.
Launched in 2010, Trendyol is the largest e-commerce business in Turkey. The company serves over 30 million shoppers and claims to deliver over 1 million packages every day.
The company markets Trendyol Express – its own marketplace platform supported by its own last-mile delivery solution – as well as providing grocery and food delivery through its Trendyol Go courier network. Users can also access a digital wallet through Trendyol Pay.
The company claims it has entered into agreements to raise $1.5bn in funding from a number of investors including SoftBank Vision Fund 2 and General Atlantic – who led the funding round – as well as Princeville Capital, ADQ and Qatar Investment Authority.
Trendyol founder Demet Suzan Mutlu said, “We founded Trendyol to create positive impact in the countries we serve. The funding proceeds will support Trendyol’s growth both within Turkey and internationally. In particular, Trendyol will continue its investment in nationwide infrastructure, technology and logistics, accelerate digitalisation of Turkish SMEs. We are very excited to partner with such strong investors who share our vision”.
Trendyol chairman Evren Ucok added, “There is tremendous growth potential in Turkey given its young and growing population and world class human capital. We will leverage our strong team, our world-class technological capabilities, and Turkey’s strengths in manufacturing and logistics to become a leading player in EMEA and to create new export channels for Turkish merchants and manufacturers.”
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