The proceeds from the financing round led by General Atlantic, SoftBank Vision Fund 2, Princeville Capital, and others will be used for the company’s growth in Turkey and in other parts of the world
Trendyol secures $1.5bn in a new financing round. Photo courtesy of DSM Grup Danışmanlık İletişim ve Satış Tic.A.Ş.
Turkish e-commerce company Trendyol has raised $1.5bn in a new funding round to take its valuation to $16.5bn and become the country’s first decaron.
The funding round was co-led by General Atlantic, SoftBank Vision Fund 2, Princeville Capital, UAE’s ADQ, and Qatar Investment Authority.
It follows Alibaba’s $350m investment in the company in March 2021.
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.”
Established in 2010, Trendyol is said to cater to over 30 million shoppers. The company is claimed to deliver over one million packages per day.
Over the years, Trendyol has grown beyond e-commerce services to offer last-mile delivery solutions under Trendyol Express, and instant grocery and food delivery via its own courier network – Trendyol Go.
The company has also developed a digital wallet called Trendyol Pay, a consumer-to-consumer channel dubbed Dolap, and other services.
Besides, the company has a research and development (R&D) centre called Trendyol Tech in Turkey. The R&D centre is focused on native language processing, machine learning and deep learning, real-time data analysis, data visualisation, image processing, Big Data, and text simulation.
General Atlantic managing director and EMEA consumer head Melis Kahya Akar said: “Trendyol’s marketplace model, which spans everything from grocery delivery to mobile wallets, brings convenience and ease to consumers in Turkey and internationally.
“We see real potential for the Company to accelerate its already substantial growth in the regional and global e-Commerce space.
“Drawing upon our own experience helping to scale innovative models around the world, we are thrilled to partner with the Trendyol leadership as they deliver on their mission to provide customers and sellers with seamless e-Commerce experiences, all while leaving a positive impact.”