Trendyol Raises $1.5B: Turkey's First Decacorn

Trendyol Secures $1.5 Billion Funding, Reaching $16.5 Billion Valuation

Trendyol, a prominent e-commerce platform originating in Turkey, has successfully completed a substantial funding round, raising $1.5 billion. This investment propels the company’s valuation to $16.5 billion.

The funding round was co-led by General Atlantic, SoftBank Vision Fund 2, Princeville Capital, and sovereign wealth funds including ADQ (UAE) and the Qatar Investment Authority.

A Landmark Investment for SoftBank and Turkey

This deal signifies SoftBank’s inaugural investment within Turkey. It represents a significant milestone for the Turkish tech landscape.

The financing establishes Trendyol as Turkey’s first “decacorn” – a privately held startup valued at over $10 billion. It also positions the company among the most highly valued private technology firms in Europe.

This achievement follows a recent $350 million investment from Alibaba, Trendyol’s strategic and majority stakeholder, which occurred just months prior at a $9.4 billion valuation.

Trendyol’s Growth and Evolution

Established in 2010, Trendyol currently holds the position of Turkey’s leading e-commerce company.

The platform serves a customer base exceeding 30 million shoppers and processes over 1 million package deliveries daily.

Trendyol has transitioned from a traditional marketplace to a comprehensive “superapp”. This evolution incorporates its core marketplace, powered by Trendyol Express for last-mile delivery.

Furthermore, it includes instant grocery and food delivery via Trendyol Go, a digital wallet solution called Trendyol Pay, a consumer-to-consumer platform Dolap, and a range of additional services.

Future Expansion Plans

Demet Suzan Mutlu, founder of Trendyol, stated that the newly acquired capital will be allocated towards expansion both within Turkey and on a global scale.

The company intends to continue investing in nationwide infrastructure, advanced technologies, and logistical capabilities.

A key focus will be accelerating the digitalization of Turkish Small and Medium-sized Enterprises (SMEs).

Mutlu emphasized the company’s founding principles centered on creating a positive impact, and its commitment to upholding this mission.

Supporting Turkish Merchants

Evren Ucok, Trendyol’s chairman, highlighted the company’s objective to establish new export avenues for Turkish merchants and manufacturers.

Market Potential and Growth

Melis Kahya Akar, Managing Director and Head of Consumer for EMEA at General Atlantic, commented on Trendyol’s versatile marketplace model.

She noted that its offerings, spanning grocery delivery to mobile wallets, provide convenience and ease for consumers in Turkey and internationally.

General Atlantic recognizes Turkey as a rapidly expanding economy with favorable demographics, particularly a young and highly active online population.

The company anticipates continued growth in Turkey’s e-commerce market, which reached $17 billion in 2020, driven by increasing online penetration.