Trendyol from Turkey in talks about investments amounting to 2 billion US dollars

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The logo of the leading Turkish fashion e-commerce company Trendyol is pictured at the entrance of the company headquarters in Istanbul, Turkey on June 22, 2016. REUTERS / Murad Sezer Se

ISTANBUL, June 15 (Reuters) – Turkish e-commerce company Trendyol, backed by Chinese internet giant Alibaba, is in talks to raise $ 2 billion from investors, two sources with direct knowledge of the matter told Reuters With.

Trendyol, one of Turkey‘s most famous e-commerce platforms, is supported by foreign investors and occupies a leading position in Turkey’s fragmented e-commerce market.

“Trendyol is in talks to raise $ 2 billion from global investors,” said one of the sources on condition of anonymity.

SoftBank and private equity firm General Atlantic were involved in talks for the investment, three sources said.

Trendyol was not available for comment. SoftBank and General Atlantic declined to comment.

The company, which is expected to reach $ 10 billion gross product value (GMV) this year, has been advised by Citi, the source said, adding that fundraising is expected to be completed by the end of this month.

Citi declined to comment.

“The fundraiser is slated to close in June and is expected to diversify the shareholder base ahead of the company’s planned IPO in 2023,” the source said.

In April, Alibaba, which had acquired a majority stake in Trendyol in 2018, increased its stake to 86.5% as part of a capital increase according to the country’s commercial register. Continue reading

Additional coverage from Can Sezer; Letter from Ezgi Erkoyun; Editing by Dominic Evans and Richard Pullin

Our Standards: The Thomson Reuters Trust Principles.



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