Trendyol, the leading e-commerce firm in Turkey, announced on Monday that it has completed a new funding round, raising US$1.5 billion from its global corporate investors.
Some of the participants in the round include SoftBank (through its Vision Fund 2), and General Atlantic.
The new round increases the valuation of the subsidiary of Alibaba Group to US$16.5 billion. This makes Trendyol Turkey’s first decacorn, that is, an unlisted firm with a valuation that is over US$10 billion.
In a statement released by the firm, Japan-based SoftBank indicated that Trendyol is the lender’s first investment in Turkey, though it has already invested in another e-commerce leader, South Korea-based Coupang,
“As an investor in e-commerce platforms globally, we are excited to partner with Trendyol and look forward to supporting the company’s journey as one of EMEA’s emerging digital champions,” Anthony Doeh, partner for SoftBank Investment Advisers, commented in the statement, referring to Europe, the Middle East, and Africa.
Trendyol founder Demet Suzan Mutlu indicated that the new funds will be deployed towards expanding its global reach, while also focusing on developing its infrastructure and investment portfolio within Turkey.
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