- General
- August 14, 2018
- 4 minutes read
Alibaba’s strategic investment in Turkey’s largest e-commerce firm Trendyol values it at $750 million
image credit : Trendyol Turkish e-commerce firm Trendyol notable for being the largest e-commerce company in the country saw Chinese…
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| image credit : Trendyol |
Turkish e-commerce firm Trendyol notable for being the largest e-commerce company in the country saw Chinese internet giant Alibaba take a stake in the firm acquiring shares from earlier investors and putting up new funds into the company which valued it at around $750 million.
Although this deal was made 2 months ago, It’s put Trendyol into the limelight for this deal which marks the largest startup deal to come from the region yet with Alibaba now partnering with the Turkish firm to accelerate its growth across its region providing more services to its 16 million customers.
This marks another move from the Chinese e-commerce giant as it gears towards rapid international expansion to boost its customer base, output and global reach.
“We are very excited about this partnership. The two companies share a very similar culture, values and both have huge ambitions for the digital economy” said Demet Mutlu, Founder and CEO of Trendyol, “We began our journey, eight years ago with a team of five people in my apartment and with our hard-working talented team, we have built the largest and fastest growing mobile commerce platform in Turkey.”
She continued “We are still at the beginning of our journey, and we will be working even harder to create more impact for our customers, merchants and our team. We have always looked up to Alibaba and now their investment and support will help us in the next phase of our growth and evolution. In particular, we will work with Alibaba to help Turkish brands, merchants and manufacturers to reach hundreds of millions of shoppers globally, and we will continue to serve our customers and contribute to the development of the digital economy in Turkey and the broader region.”
Trendyol counts Tiger Global, KPCB and the European Bank of Research and Development as its backers with these firms renowned for backing global internet giants.
“Turkey is an exciting and important market as we assess the development and proliferation of digital economies in the region and around the world,” said Michael Evans, President of Alibaba Group.“With this investment, Alibaba is partnering with a market leader and a strong founder-led management team,who have built an exceptional company with a strong platform, impressive growth and a loyal merchant and customer base.”
He continued “Together we will create significant opportunities in e-commerce, digital payments and the entire retail value chain in Turkey and across the region. Trendyol’s founders will continue to lead the company and also contribute to the Alibaba ecosystem.We will continue to support Turkish brands, merchants and manufacturers in their journey to become truly global.”
