Chinese technology giant Alibaba invested $350 million (TL 2.87 billion) in one of Turkey’s largest e-commerce companies, Trendyol, in a capital increase, according to an entry in the country’s trade registry.
Trendyol, one of Turkey’s best-known e-commerce platforms, has drawn backing from foreign investors and holds a leading position in the country’s fragmented e-commerce market.
Alibaba, which purchased Trendyol in 2018, increased its stake to 86.5% after the transaction according to the registry.
Established in 2010, Trendyol took investment from U.S.-based Tiger Global just six months later. In the following years, it continued to grow rapidly, attracting the attention of new funds.
Venture capital firm Kleiner Perkins, which has backed major companies such as Google, Amazon, Groupon, Zynga and Twitter, and the European Bank for Reconstruction and Development (EBRD) were also among those that invested in Trendyol.
The company in October entered the European market through a website to serve 27 countries, including Italy, Spain and the U.K.
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