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Kul Bhushan · · 1 min readSoftBank co-leads $1.5b round of Alibaba-backed Turkish ecommerce firm
“Trendyol, a Turkish ecommerce company backed by Alibaba Group Holdings, raised US$1.5 billion in its latest financing round that included SoftBank Group and two Gulf wealth funds,” reports Bloomberg.
Details:
- The latest financing round, which was co-led by SoftBank’s Vision Fund 2 and General Atlantic, valued the Turkish firm at US$16.5 billion. The round also marks SoftBank’s first investment in Turkey.
- Trendyol said it would use the freshly raised capital to grow in the home market as well as internationally. Some of its top investment areas are going to be infrastructure, technology, and logistics, among others.
Dive Deeper:
- Trendyol has gained from the growth of online sales, which grew by 66% last year. The latest round also made the company Turkey’s only ‘decacorn’ with a valuation rising to over US$10 billion.
- Turkey’s tech firms have attracted more international investment in the last year, helping increase their valuations. Trendyol’s rival Hepsiburada valuation rose to US$3.9 billion after an initial public offering on Nasdaq last month.
Editing by Collin Furtado
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