Turkish e-commerce giant Trendyol is seeking to raise more than $1 billion (TL 8.22 billion) in a private placement, according to a report Tuesday which cited people familiar with the matter.

The Chinese online giant Alibaba Group Holding Ltd.-backed company looks to expand further in the international arena with fundraising aimed at U.K. and U.S. investors, sources were cited as saying by a Bloomberg report.

The people, who asked not to be identified because the information is private, noted that the proceeds will be used to fund growth and diversify the firm’s shareholder base ahead of a potential initial public offering.

They said that the deal has already attracted interest from several top international funds and is expected to be completed soon.

Citigroup Inc. is the sole adviser on the transaction, the sources shared. Representatives for Trendyol and Citigroup declined to comment to Bloomberg.

Most recently, the Chinese technology giant further invested $350 million in Trendyol, in a capital increase. Alibaba, which purchased Trendyol in 2018, increased its stake to 86.5% after the transaction according to the 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.

Over the last three years, the firm grew its gross merchandise value by about 20 times and is on track to do about $10 billion in gross merchandise value in 2021, the people added.

The company in October entered the European market through a website to serve 27 countries, including Italy, Spain and the U.K.