Trendyol Reportedly Near Raising New Funding

Brahm Buck

Turkey-based eCommerce startup Trendyol is reportedly near the finish line of a new funding round which is expected to drive the company’s valuation to $16.5 billion, Bloomberg reported. The 11-year-old company continues to receive immense financial support from China-based Alibaba Group Holding Ltd., which in April increased its ownership in […]

Turkey-based eCommerce startup Trendyol is reportedly near the finish line of a new funding round which is expected to drive the company’s valuation to $16.5 billion, Bloomberg reported.

The 11-year-old company continues to receive immense financial support from China-based Alibaba Group Holding Ltd., which in April increased its ownership in Trendyol to 86.5 percent after buying a majority share in 2018, according to Reuters.

According to unnamed sources cited by Bloomberg, Trendyol is in discussions to raise approximately $1.5 billion from various investors, including General Atlantic and SoftBank Group Corp., and could wrap up the proceeding by early August.

The latest funding round is expected to make Trendyol the only Turkish firm valued above $10 billion, according to Bloomberg.

In addition to its eCommerce platform, Trendyol operates a research and development center, Trendyol Tech; a transport network, Trendyol Express; a food and grocery service, Trendyol Go; and Dolap, a platform for previously owned goods, according to the company’s website.

Buoyed by a dramatic increase in online shopping amid the pandemic, Trendyol is not the only Turkish online shopping platform experiencing rapid growth. Earlier this month PYMNTS reported that Turkish firm Hepsiburada reached a $1.9 billion valuation after its initial public offering. The company has said it plans to expand its services by including options like travel booking and money transfers. Hepsiburada intends to use funds to broaden its offerings beyond Turkey.

According to a report, a total of 347 million products were sold on Trendyol in 2020. The eCommerce platform grew from 9.2 million active users in 2019 to more than 19 million in 2020.

In addition, Trendyol’s gross merchandise value has surged approximately 20 times in the last three years and is pacing to reach $10 billion this year, according to Bloomberg.

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About: Communities coalesce in times of crisis like the recent calamity now fading — but leaving a decimated pool of small and medium businesses (SMBs) in its wake. PYMNTS research finds that consumers want to support Main Street shops now more than ever, largely for reasons of hometown altruism, but they expect something great in return: top-tier loyalty experiences. What’s more, 139 million U.S. consumers feel SMBs should outsource these programs to experts who know how it’s done at scale. Tune into PYMNTS TV as CEO Karen Webster is joined by SBA Administrator Isabella Casillas Guzman, NFIB Executive Director of Research Holly Wade and TD Bank Head of Small Business Specialists Jeff Fazio as they read between the data and lay out a large opportunity for small businesses.

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