Turkish e-commerce company Trendyol, backed by Chinese internet giant Alibaba, is in discussions to raise $2 billion from investors, sources said Wednesday.
Trendyol, one of Turkey’s best-known e-retail platforms, has drawn backing from foreign investors and holds a leading position in the country’s e-commerce market.
“Trendyol is in discussions to raise $2 billion from global investors,” one of the sources with direct knowledge of the matter told Reuters, speaking on condition of anonymity.
SoftBank and private equity firm General Atlantic were involved in the talks for the investment, three sources said.
The company, which is expected to achieve $10 billion gross merchandise value (GMV) this year, was advised by Citi, the source said, adding that the fundraising is expected to close by the end of this month.
Trendyol was in April said to be seeking to raise more than $1 billion in a private placement.
“The fundraise is expected to close in June and aims to diversify the shareholding base prior to the company’s planned IPO in 2023,” the source said.
In April, Alibaba, which bought a majority stake in Trendyol in 2018, invested another $350 million, raising its stake to 86.5% in a capital increase.
Established in 2010, Trendyol took investment from United States-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 United Kingdom.
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