Alibaba raises stake in Trendyol
Alibaba is raising its stake in Trendyol to 86.5 percent. The major ecommerce platform from Turkey received an additional 330 million dollars (273 million euros) investment from Alibaba, which was already one of its existing partners.
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The capital increase means that the value of Trendyol is now estimated at over 9 billion euros. But according to Turkish tech blog Webrazzi, rumors are that more investment money is heading to Trendyol.
Trendyol is now estimated to be worth €9 billion.
Instead of some hundreds of millions, this time it will be in the billion dollar range. Tech.eu writes that this will push the valuation of Trendyol towards at least 12.4 billion euros.
Expanding in Europe
Trendyol was founded by Demet Mutlu in 2010. Now it is the largest ecommerce company in Turkey. In October of last year, the company announced plans to expand in Europe, including the United Kingdom, Italy, and Spain.
The online marketplace for clothing, decoration, and cosmetics enabled 98,000 businesses and 1.1 million individuals to sell a total of 347 million products on Trendyol in 2020. Recently, it added grocery and supermarket products to its assortment.